BitGo Q1 2026: Revenue doubles, losses widen post-IPO

BitGo’s Q1 2026 revenue doubled to $3.77–$3.8B, led by digital asset sales and stablecoin services, but net loss widened to $60.7M due to Bitcoin markdowns and IPO-related costs.

BitGo Holdings reported first-quarter 2026 revenue of $3.77–$3.8 billion, more than doubling year-over-year. This growth was primarily fueled by digital asset sales and increased demand for its stablecoin-as-a-service offerings. Despite the revenue surge, BitGo’s net loss widened to $60.7 million from $25.7 million a year earlier. The loss was mainly attributed to non-cash mark-to-market losses on its Bitcoin holdings and higher stock-based compensation expenses following its IPO. The company’s January launch of a derivatives business contributed new revenue streams, though overall revenue fell 38.7% sequentially due to differences in revenue recognition between derivatives and spot trading. Stablecoin-as-a-Service revenue rose over 43% quarter-over-quarter to $38.2 million. Client numbers grew 42% year-over-year to 5,569, and normalized assets on the platform increased by 29.4%. As of March’s end, BitGo held $186.6 million in cash and 2,449 Bitcoin. Following the earnings report, BTGO stock slipped 2.1% in after-hours trading.