BitGo Announces First Quarter 2026 Financial Results

Published: 2026-05-13 16:16:04 ET BTGO

Continued client growth, market share gains and improving monetization across digital asset sales, staking, and stablecoin-as-a-service

Published on 05/13/2026 at 04:16 pm EDT

BitGo Holdings, Inc. (NYSE: BTGO) (“BitGo” or “the Company”), the digital asset infrastructure company, today reported its financial results for its first quarter ended March 31, 2026.

Q1 2026 Operational Highlights

Q1 2026 Summary The following tables present selected key financial and operating metrics for Q1 2026.

Financial Metrics ($ in millions, unless otherwise stated; unaudited)

Metric

Q1 2026

Q1 2025

YoY

Q4 2025

QoQ

Total Revenue

3,773.6

1,774.7

112.6

6,156.5

(38.7

Direct Costs(1)

3,724.6

1,729.9

115.3

6,096.7

(38.9

Net Loss

(60.7

)

(25.7

)

(135.8

(50.0

)

(21.3

Adjusted EBITDA

(1.7

)

3.9

N.M.(2)

12.1

N.M.(2)

Key Performance Indicators (“KPIs”) (KPIs reflect client activity and assets on the BitGo platform.)

KPIs

Q1 2026

Q1 2025

YoY

Q4 2025

QoQ

Number of Clients

5,569

3,921

42.0

5,322

4.6

Number of Users (in millions)

1.2

1.1

7.3

1.2

1.3

Assets on Platform (in billions)

63.0

90.5

(30.4

81.6

(22.9

Normalized Assets on Platform(3) (in billions)

63.0

48.6

29.4

57.2

10.1

Assets Staked (in billions)

11.8

28.4

(58.3

15.6

(24.1

Normalized Assets Staked(3) (in billions)

11.8

9.8

20.8

9.3

27.2

(1)

Direct Costs reflects direct transaction-related digital asset sales costs, staking fees, and stablecoin sponsor fees.

(2)

N.M. = Not Meaningful. Period-over-period percentage comparisons are not meaningful due to the magnitude and/or directional nature of the change.

(3)

Normalized Assets on Platform and Assets Staked reflects prior period digital asset balances using current quarter average digital asset prices to better illustrate underlying asset growth excluding the impact of digital asset price movements.

Management Commentary

Mike Belshe, CEO of BitGo “BitGo delivered strong underlying business performance in Q1 despite a challenging market environment, driven by our diversified platform and deepening institutional client relationships.

We continued to gain market share across the business during the quarter. Clients grew 42.0% year-over-year. Normalized Assets on Platform grew 29.4% year-over-year and 10.1% sequentially. Normalized Staked Balances grew 20.8% year-over-year, and 27.2% sequentially. This underlying momentum is a testament to the strength of our platform and the trust of our institutional clients in BitGo.

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.”

Ed Reginelli, CFO of BitGo “Total revenue in Q1 was approximately $3.8 billion, up 112.6% year-over-year but down 38.7% sequentially. At the beginning of the quarter, we launched our derivatives offering, which generated approximately $3 billion in notional trading volume during the quarter. Following the launch, a portion of client activity shifted from spot trading to derivatives products.

Because derivatives revenue is recognized on a net basis, while spot trading revenue is recognized on a gross basis, reported revenue comparisons to prior periods are not directly comparable. Margins within our digital assets business improved to 32 bps from 20 bps a year ago and 24 bps in Q4 2025. We also improved take rates across our staking and stablecoin-as-a-service offerings. Excluding the accounting impact associated with the derivatives mix shift, underlying platform economics remained significantly more resilient than reported revenue trends would otherwise suggest.”

Consolidated Financial Highlights

Business Line Financial Highlights

BitGo generates revenue by facilitating client activity across its platform, capturing value through transaction-based and recurring fees across multiple offerings.

($ in millions, unless otherwise stated; unaudited)

Q1 2026

Offerings

Revenue

Direct Costs(1)

Unit Economics

Digital Asset Sales

3,659.5

3,647.8

Margin: 32 bps

Staking

49.4

41.4

Take Rate: 16.1%

Subscriptions and Services

25.6

—

Stablecoin-as-a-Service

38.2

35.3

Take Rate: 7.4 %

Interest Income

0.9

—

Total

3,773.6

3,724.6

—

Conference Call and Webcast Information BitGo will host a call to discuss its results at 5:00 p.m. Eastern Time today, May 13, 2026. A live webcast of the conference call will be available online at https://investors.bitgo.com and an archived replay will be accessible at the same location for up to one year.

About BitGo BitGo (NYSE: BTGO) is the digital asset infrastructure company delivering custody, wallets, staking, trading, financing, stablecoins, and settlement services from regulated cold storage. Since 2013, BitGo has focused on accelerating the transition of the financial system to a digital asset economy. BitGo maintains a global presence and multiple regulated entities, including BitGo Bank & Trust, National Association, the first federally chartered digital asset trust bank owned by a publicly traded company. Today, BitGo serves thousands of institutions and millions of investors worldwide. For more information, visit www.bitgo.com.

Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future operating results and financial condition, our business strategy and plans, market growth and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit or gross margin, operating expenses, including changes in operating expenses, and our ability to maintain profitability; our business plan and our ability to effectively manage our growth; our total market opportunity; anticipated trends, growth rates and challenges in our business, the digital asset economy, the price and market capitalization of digital assets in the markets in which we operate; market acceptance of our products and services; beliefs and objectives for future operations; our ability to attract and successfully retain new clients and increase adoption and use of our products and services by existing clients; our ability to develop and introduce new products and services and bring them to market in a timely manner; our expectations concerning relationships with third parties; our ability to maintain, protect, and enhance our intellectual property; our ability to continue to expand internationally; the effects of increased competition in our markets and our ability to compete effectively; future acquisitions or investments in complementary companies, products, technologies, or services; our key business metrics used to evaluate our business, measure our performance, identify trends affecting our business, and make strategic decisions; our ability to stay in compliance with laws and regulations that currently apply or may become applicable to our business both in the U.S. and internationally given the highly evolving and uncertain regulatory landscape; economic and industry trends, projected growth or trend analysis; general economic conditions in the U.S. and globally, including the effects of global geopolitical conflicts, inflation, interest rates, any instability in the global banking sector and foreign currency exchange rates; our ability to operate and grow our business in light of macroeconomic uncertainty; our ability to remediate identified material weaknesses in our internal control over financial reporting; increased expenses associated with being a public company; and other statements regarding our future operations, financial condition, prospects and business strategies.

We have based these forward-looking statements largely on our management’s current expectations and projections about future events and trends that we believe may affect our financial condition, operating results, business strategy, and short-term and long-term business operations and objectives. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in the section titled “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, as such factors may be updated from time to time in our periodic and other documents of BitGo filed with the Securities and Exchange Commission (available at www.sec.gov). Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

BitGo Holdings, Inc. Condensed Consolidated Balance Sheets (unaudited, in thousands, except share data)

As of

March 31, 2026

December 31, 2025

ASSETS

Current assets:

Cash and cash equivalents

186,598

106,275

Cash and cash equivalents segregated for the benefit of stablecoin holders - restricted

4,392,828

3,313,527

Accounts receivables, net of allowance for credit losses

13,989

15,774

Loan receivables, at amortized cost

170,868

176,655

Digital intangible assets loan receivables

29,529

30,774

Digital intangible assets, at fair value

355,441

344,439

Digital intangible assets collateral, at fair value

224,206

260,358

Deferred tax assets

7,459

7,130

Other current assets

489,981

272,270

Total current assets

5,870,899

4,527,202

Equipment and software, net

14,214

13,180

Operating lease right-of-use assets

5,629

6,346

Intangible assets, net

773

1,226

Other non-current assets

726

713

Total assets

5,892,241

4,548,667

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

7,216

9,955

Deferred revenue, current

4,549

4,710

Deposits from stablecoin holders

4,392,828

3,313,527

Borrowings

139,679

118,848

Borrowings of digital intangible assets

357,692

233,687

Obligations to return collateral

341,041

400,132

Deferred tax liability, current

7,674

Operating lease liabilities, current

2,536

2,483

Other current liabilities

196,859

135,125

Total current liabilities

5,450,074

4,226,141

Operating lease liabilities, non-current

3,327

3,978

Total liabilities

5,453,401

4,230,119

Commitments and contingencies

—

Stockholders’ equity:

—

Common stock A, $0.0001 par value - 3,000,000,000 and 139,950,076 shares authorized as of March 31, 2026 and December 31, 2025; 106,811,561 and 33,822,318 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

Common stock B, $0.0001 par value - 300,000,000 and 140,000,000 shares authorized as of March 31, 2026 and December 31, 2025, respectively; 8,855,382 and 8,855,382 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

Convertible preferred stock, $0.0001 par value - 200,000,000 and 68,965,833 shares authorized as of March 31, 2026 and December 31, 2025; nil and 60,778,788 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

—

222,480

Minority interest

1,787

1,953

Additional paid-in capital

435,610

32,006

Retained earnings

1,432

62,105

Total stockholders’ equity

438,840

318,548

Total liabilities and stockholders’ equity

5,892,241

4,548,667

BitGo Holdings, Inc. Condensed Consolidated Statements of Operations (unaudited, in thousands, except per share data)

Three Months Ended March 31,

2026

2025

Revenue

Total revenue

3,773,573

1,774,664

Expenses

Digital assets sales cost

3,647,845

1,602,176

Staking fees

41,443

127,722

Stablecoin sponsor fees

35,337

—

Interest expense

6,018

1,685

Compensation and benefits

40,802

24,317

General and administrative expenses

20,305

15,549

Depreciation and amortization

1,727

866

Total expenses

3,793,477

1,772,315

Income (loss) from operations

(19,904

)

2,349

Net change in unrealized appreciation (loss) on digital assets

(53,723

)

(33,812

)

Gain (loss) on disposal of digital assets

1,987

(1,532

)

Total other loss

(51,736

)

(35,344

)

Loss before income taxes

(71,640

)

(32,995

)

Benefit from income taxes

(10,967

)

(7,261

)

Net loss

(60,673

)

(25,734

)

Net loss attributable to common stockholders, basic and diluted

(60,673

)

(25,734

)

of which:

Basic and diluted - Class A common stock and Class B common stock

(60,673

)

—

Basic and diluted - Class A common stock

—

(20,462

)

Basic and diluted - Class F common stock

—

(5,272

)

Net loss per share:

Basic and diluted - Class A common stock and Class B common stock

(0.62

)

—

Basic and diluted - Class A common stock

—

(0.69

)

Basic and diluted - Class F common stock

—

(0.69

)

Weighted-average shares used in computing net loss per share:

Basic and diluted - Class A common stock and Class B common stock

98,409

—

Basic and diluted - Class A common stock

—

29,499

Basic and diluted - Class F common stock

—

7,601

BitGo Holdings, Inc. Condensed Consolidated Statements of Cash Flows (unaudited, in thousands)

Three Months Ended March 31,

2026

2025

Cash flow from operating activities:

Net loss

(60,673

)

(25,734

)

Adjustment to reconcile net loss to net cash provided by (used in) operating activities:

Stock-based compensation expense

11,248

950

Depreciation and amortization

1,727

866

Provision (benefit) for credit losses

(218

)

708

Digital asset fair value adjustment

53,701

31,608

Digital intangible assets received as revenue payments

(10,960

)

(25,269

)

Digital intangible assets used as accounts payable payments

3,182

4,801

(Gain) loss on disposal of digital intangible assets

(1,987

)

1,532

Change in fair value of receivables denominated in digital intangible assets

2,418

Change in fair value of payables denominated in digital intangible assets

(51

)

(214

)

Changes in assets and liabilities

Accounts receivable, net

4,731

2,250

Digital intangible assets

3,871

16,410

Deferred tax asset

(329

)

(10,899

)

Other assets

(9,299

)

(508

)

Accounts payables

(2,984

)

(1,289

)

Deferred revenue

(161

)

1,284

Deferred tax liability

—

(7,462

)

Other liabilities

(21,348

)

16,767

Net cash provided by (used in) operating activities

(29,477

)

8,219

Cash flow from investing activities:

Purchase of equipment and capitalization of internally developed software costs

(2,308

)

(2,541

)

Purchase of digital intangible assets for treasury

(14,816

)

(123

)

Origination of loans receivable

(43,203

)

(106,594

)

Repayment of loans receivable

48,990

108,332

Net cash used in investing activities

(11,337

)

(926

)

Cash flow from financing activities:

Proceeds from the issuance of common stock upon exercise of options

1,019

228

Payments of withholding taxes on net share settlement of restricted stock units

(2,984

)

—

Proceeds from initial public offering, net of issuance costs

174,285

—

Share of earnings attributable to minority interest in joint venture

(166

)

(98

)

Proceeds from borrowings to support loans

97,751

40,000

Repayment of borrowings

(76,920

)

(20,000

)

Deposits from stablecoin holders, net of redemptions

1,079,301

56,998

Payments to non custodial customer assets pending settlement

(51,202

)

(30,232

)

Fiat currency received as collateral

6,850

—

Fiat currency returned as collateral

(27,496

)

(27,134

)

Net cash provided by financing activities

1,200,438

19,762

Net increase in cash and cash equivalents

1,159,624

27,055

Cash and cash equivalents, beginning of period

3,419,802

87,424

Cash and cash equivalents, end of period

4,579,426

114,479

Non-GAAP Financial Measures

We have provided in this release financial information that has not been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the Appendix below.

Adjusted EBITDA: We define Adjusted EBITDA as net income (loss), excluding (i) provision for income taxes, (ii) depreciation and amortization, (iii) stock-based compensation expense, (iv) employer payroll taxes on employee stock transactions, (v) net changes in unrealized appreciation (loss) on digital assets, and (vi) certain non-recurring charges (which are specified in detail below). The above items are excluded from our Adjusted EBITDA measure because they are non-cash in nature, their amount and timing are volatile and influenced by digital asset prices, they are unpredictable, or they are not driven by the core results of operations. In any case, including such items would reduce the comparability of our financial performance across periods and with industry peers. We believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance in a consistent manner. Moreover, Adjusted EBITDA is a key measure used by our management internally for financial, risk management and operational decision-making.

Adjusted EBITDA Reconciliation (unaudited, in thousands)

Three Months Ended March 31,

2026

2025

Net loss

(60,673

)

(25,734

)

Benefit from income taxes

(10,967

)

(7,261

)

Depreciation and amortization

1,727

866

Stock-based compensation expense

11,248

950

Employer payroll taxes on employee stock transactions

287

—

Net change in unrealized appreciation on digital assets

53,723

33,812

Legal contingencies, settlements, and related costs

2,971

1,268

Adjusted EBITDA

(1,684

)

3,901

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