BitGo reported its first quarterly earnings since its NYSE listing, revealing a 112.6% year-over-year revenue surge to $3.77 billion in Q1 2026. The growth was primarily driven by digital asset sales, which jumped 127.9% to $3.7 billion, and its stablecoin-as-a-service platform, where revenue rose 43.6% sequentially to $38.2 million. The company's customer base expanded 42% to 5,569 clients, boosted by institutional demand for custody, trading, and settlement solutions.
However, net loss widened to $60.7 million from $25.7 million a year earlier. The company attributed this largely to non-cash mark-to-market losses on its bitcoin treasury, as Bitcoin fell ~23.8% during the quarter, ending March near $66,699. IPO-related stock-based compensation also weighed on results. BitGo held 2,449 BTC at quarter-end and $1.86 billion in cash, providing strong liquidity. Other revenue streams included $49.4 million from staking and $25.6 million from subscriptions and services.
BTGO stock closed at $11.91 on Wednesday before slipping 2.1% after-hours, trading near its 52-week low with a market cap of about $1.37 billion. Analysts tracked by InvestingPro forecast the company may turn profitable this year with EPS of $0.05. CEO Mike Belshe emphasized “strong underlying business performance” despite market headwinds. The report highlights the dual reality of crypto infrastructure firms: robust operational growth versus exposure to digital asset volatility.
