BitGo doubled Q1 revenue to $3.8B, but wider Bitcoin-related losses pushed net losses higher year-over-year.
BitGo, a digital asset infrastructure company, posted $3.8 billion in revenue for the first quarter of 2026, doubling year-over-year from $1.8 billion in Q1 2025. The growth was driven by higher digital asset #trading activity and expanding contributions from its #stablecoin business.
Despite the revenue jump, net loss widened to $60.7 million from $25.7 million in the same period last year. A $53.7 million non-cash loss tied to the declining value of the company's Bitcoin ($BTC) treasury, combined with stock-based compensation from its recent IPO, drove the deeper loss.
Quarterly revenue also fell 38.7% compared to Q4 2025's $6.2 billion. BitGo attributed part of that sequential decline to a client shift from spot to derivatives trading, a product the company launched at the start of the quarter that generated roughly $3 billion in notional volume.
Adjusted EBITDA swung to a loss of $1.7 million from a gain of $3.9 million a year ago. Around $3 million in one-time legal and professional fees tied to the IPO contributed to that swing. BitGo said stock compensation costs are expected to normalize going forward.
The company's client base grew 42% year-over-year to 5,569, including #hedge funds, exchanges, and fintech businesses. Platform users reached 1.2 million, up 7.3% from a year earlier.
Stablecoin-as-a-service revenue rose 43.6% to $38.2 million, while staking revenue dropped 66.2% to $49.4 million amid lower token prices. BitGo closed the quarter with $186.6 million in cash and 2,449 $BTC valued at approximately $167.1 million.
BTGO shares slipped 1.09% in overnight trading to $11.78 following the earnings release, according to Yahoo Finance.
BitGo was not alone in posting wider losses. Coinbase swung to a $394.1 million net loss in Q1, missing revenue estimates of $1.5 billion with $1.41 billion. Exodus Movement more than doubled its losses to $32.1 million as revenue dropped 36.8%. Bitcoin miners, including Riot Platforms, Core Scientific, CleanSpark, and TeraWulf, also reported widening losses, with MARA posting the largest at $1.3 billion, roughly $1 billion of which stemmed from non-cash mark-to-market adjustments on $BTC holdings.
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