What happened to BitGo (BTGO) in Q1 2026?

BitGo (BTGO) reported a wider first-quarter net loss despite revenue more than doubling year-on-year. Revenue rose to $3.8 billion from $1.8 billion, but net loss widened to $60.7 million from $25.7 million. The loss was mainly tied to Bitcoin treasury mark-to-market losses and IPO-related costs.

Why did BitGo’s Q1 loss widen despite higher revenue?

BitGo’s loss widened because stronger revenue was offset by a $53.7 million non-cash loss linked to the falling value of its Bitcoin holdings. IPO-related stock compensation and one-off legal and professional costs also weighed on results. This means the company grew, but market movements and listing costs hurt profitability.

How much revenue did BitGo (BTGO) generate in Q1 2026?

BitGo generated $3.8 billion in revenue for the quarter ended 31 March 2026. That was more than double the $1.8 billion reported a year earlier. However, revenue fell 38.7% from Q4 2025’s $6.2 billion.

Why did BitGo’s revenue fall from the previous quarter?

BitGo said revenue declined from Q4 2025 partly because client trading shifted from spot markets to derivatives. The company launched derivatives at the start of the quarter, and the product produced about $3 billion in notional volume. That shows activity remained strong, but the revenue mix changed.

Is BitGo (BTGO) profitable now?

No, BitGo is not profitable based on its Q1 2026 results. The company reported a net loss of $60.7 million and an adjusted EBITDA loss of $1.7 million. Adjusted EBITDA had been positive at $3.9 million a year earlier.

BitGo Q1 loss widens as Bitcoin decline hits gains

Written by Mahathir BayenaPublished May. 14 2026Last Updated May. 14 2026

BitGo recorded a deeper first-quarter loss even as revenue more than doubled from the same period a year earlier.

The digital asset infrastructure firm reported $3.8 billion in revenue for the quarter ended 31 March, compared with $1.8 billion in Q1 2025.

The company said stronger digital asset trading activity and growth from its stablecoin business helped lift the headline revenue figure.

However, quarterly revenue fell 38.7% from $6.2 billion in Q4 2025 as some client activity moved away from spot trading.

BitGo said clients shifted more trading activity into derivatives after the company launched the product at the start of the quarter.

The new derivatives offering generated about $3 billion in notional volume during its first quarter of operation.

Despite the revenue increase, BitGo’s net loss widened to $60.7 million from $25.7 million a year earlier.

The company linked much of the loss to a $53.7 million non-cash charge tied to the falling value of its Bitcoin treasury.

IPO-related expenses also weighed on results, including stock-based compensation linked to BitGo’s recent public listing.

BitGo said stock compensation costs should settle to a more normal level in future periods.

Adjusted EBITDA moved to a $1.7 million loss, compared with a $3.9 million gain in the same quarter last year.

The company said one-off legal and professional fees linked to the IPO added about $3 million in costs.

BitGo continued to grow its institutional base, with client count rising 42% year-on-year to 5,569.

Its clients include hedge funds, exchanges, fintech firms, and other businesses using BitGo’s digital asset infrastructure.

Platform users rose 7.3% from a year earlier to reach 1.2 million.

Stablecoin-as-a-service revenue climbed 43.6% to $38.2 million during the quarter.

Staking revenue fell 66.2% to $49.4 million as weaker token prices reduced activity and returns.

BitGo ended the quarter with $186.6 million in cash.

The company also held 2,449 Bitcoin, valued at about $167.1 million at the end of the period.

BTGO shares slipped 1.09% in overnight trading to $11.78 after the earnings update.

The results came as several crypto companies reported weaker first-quarter earnings during a broader market decline.

Coinbase posted a $394.1 million net loss and missed revenue expectations after reporting $1.41 billion in quarterly revenue.

Exodus Movement also reported a larger loss of $32.1 million as revenue dropped and active users declined.

Bitcoin miners also faced pressure, with Riot Platforms, Core Scientific, CleanSpark, TeraWulf, and MARA all reporting wider losses.

MARA posted the largest loss among the group at $1.3 billion, with around $1 billion linked to non-cash mark-to-market adjustments on Bitcoin holdings.

At the time of reporting, Bitcoin price was $79,467.31.