BitGo revenue falls 51% in Q3 as trading slows; net income rises on treasury gains

The revenue decline was driven mainly by lower digital asset sales amid a continued soft crypto trading environment and a higher mix of lower-margin stablecoin transactions, the company explained.

By Danny Park • Edited by Timmy Shen
Business•November 10, 2026, 3:20AM EST
GoogleMake us preferred
BitGo revenue falls 51% in Q3 as trading slows; net income rises on treasury gains

Quick Take

  • BitGo’s Q3 revenue came in at $2.85 billion, down 50.9% from a year earlier and 34.1% from the prior quarter.
  • The revenue decline was mainly driven by lower digital asset sales amid a continued soft crypto trading environment and a higher mix of lower-margin stablecoin transactions, the company said.

BitGo BitGo Holdings, Inc. (BTGO) saw a notable decline in revenue during the third quarter of this year, which it attributed to weaker digital asset trading activity.

According to its press release, BitGo reported Q3 revenue of $2.85 billion, down 50.9% from a year earlier and 34.1% from the prior quarter.

The revenue decline was driven mainly by lower digital asset sales, which fell 52% year-over-year and 35.2% sequentially amid a continued soft crypto trading environment and a higher mix of lower-margin stablecoin transactions. After direct costs, revenue was $37.3 million, down 32.1% from a year earlier.

Meanwhile, BitGo's net income rose to $44.1 million, up from $22.7 million last year. This growth was primarily driven by a $71.5 million unrealized gain on the company’s digital asset treasury. As of Sept. 30, the company held 2,399 BTC on its own balance sheet, valued at $200.4 million.

The company recorded an operating loss of $19.2 million and an adjusted EBITDA loss of $4.3 million.

BitGo Holdings, Inc. (BTGO) USD Price | The Block

Q3 initiatives

"During the third quarter, we continued to strengthen BitGo's position as a leading institutional digital asset infrastructure platform," CEO Mike Belshe said in the statement.

Belshe cited the Go Network — the firm's institutional settlement and trading infrastructure — and its tokenized equity initiatives as some of the primary highlights in the quarter.

"We see significant opportunities to broaden access to U.S. equities through existing digital asset and stablecoin networks, while expanding the utility of traditional investment portfolios through on-chain settlement, collateral, and financing applications," Belshe added.

The company said normalized assets on the platform rose 32% year-over-year, reflecting continued institutional adoption when adjusted for price changes. It completed the acquisition of NYDIG's institutional trading business during the quarter and expanded off-exchange settlement connectivity, including with OKX. BitGo also repurchased $24.7 million of common stock under its $50 million authorization.

BitGo's NYSE-listed shares rose 4.94% to close at $5.10 on Monday and added another 2.9% in extended trading.