BitGo doubles revenue to $3.8 billion but net loss widens in Q1

Crypto infrastructure firm BitGo Holdings reported strong revenue growth but widened losses in its first quarterly earnings report since going public in January.

In the first quarter of this year, BitGo generated $3.8 billion in total revenue, up 112.6% year-on-year, according to its earnings report released Wednesday. The revenue growth was "driven by higher digital asset sales activity and a broader contribution from Stablecoin-as-a-Service revenue relative to Q1 2025," the company said.

Specifically, revenue from digital asset sales reached $3.7 billion during the quarter, marking a 127.9% year-on-year increase. The company also recorded $49.4 million in staking revenue and $25.6 million in subscription and services revenue.

Meanwhile, revenue from its stablecoin-as-a-service business rose 43.6% sequentially to $38.2 million, "supported by continued client adoption and new partnerships, including BitGo Mint and related stablecoin workflows," the company said.

Despite revenue growth, BitGo posted a net loss of $60.7 million in the first quarter, widening from $25.7 million a year earlier. 

The firm said the larger loss was primarily due to non-cash mark-to-market impacts tied to its bitcoin treasury and elevated IPO-related stock-based compensation expenses.

Bitcoin (BTC) fell about 23.8% during the quarter, ending March at around $66,699. The world's largest cryptocurrency was trading at $79,299 as of 12:30 a.m. ET Thursday. 

Challenging environment

BitGo CEO Mike Belshe said the company delivered strong underlying business performance in the first quarter "despite a challenging market environment, driven by our diversified platform and deepening institutional client relationships."

"As institutional adoption of digital assets continues to accelerate, we are investing to ensure BitGo not only scales its core infrastructure, but also remains positioned to lead in emerging areas such as stablecoins and tokenized assets, which we believe will define the next phase of digital finance," Belshe added.

BitGo launched its derivatives offering in the first quarter, which it said generated roughly $3 billion in notional trading volume during the quarter.

Last month, the company launched BitGo Mint, a new service that allows institutional clients to mint, redeem, and manage stablecoins and other digital assets. Mizuho analysts recently described BitGo as a "military-grade custodian," citing the company's security track record and its focus on institutional clients as key advantages.

BitGo's shares closed up 0.17% at $11.91 on Wednesday before falling 2.1% in after-hours trading. BitGo debuted on the New York Stock Exchange in January under the ticker "BTGO," raising $212.8 million in its initial public offering.