BitGo Revenue Hits $3.8 Billion in Q1 2026 Despite Widening Net Loss After NYSE Debut

TLDR:

• BitGo’s total Q1 2026 revenue reached $3.8B, rising 112.6% year-over-year driven by digital asset sales activity.
• Net loss widened to $60.7M in Q1 2026, largely due to non-cash Bitcoin treasury adjustments and IPO-related stock compensation.
• Client count grew 42% year-over-year to 5,569, reflecting continued institutional demand across BitGo’s platform.
• Stablecoin-as-a-Service revenue jumped 43.6% sequentially to $38.2M, supported by new partnerships and improved take rates.

BitGo Holdings reported $3.8 billion in total revenue for Q1 2026, marking a 112.6% year-over-year rise. The crypto infrastructure firm, now publicly traded on the NYSE under ticker BTGO, saw strong top-line growth fueled by digital asset sales and stablecoin services.

However, its net loss widened to $60.7 million, compared to $25.7 million in Q1 2025. The results mark BitGo’s first quarterly earnings release since its January IPO.

Revenue Growth Driven by Digital Assets and Stablecoins

Digital Asset Sales generated approximately $3.7 billion in revenue during Q1 2026. That figure represents a 127.9% year-over-year increase but a 39.3% sequential decline.

The drop came after BitGo launched its derivatives offering at the start of the quarter, shifting client activity away from spot trading.

Since derivatives revenue is recognized on a net basis, while spot revenue is gross, the comparison with prior periods is not directly comparable.

Despite that shift, margins within the digital assets segment improved to 32 basis points from 20 basis points a year ago.

CFO Ed Reginelli addressed the revenue optics directly, stating that “underlying platform economics remained significantly more resilient than reported revenue trends would otherwise suggest.”

The derivatives product generated roughly $3 billion in notional trading volume during its first quarter of operation.

Stablecoin-as-a-Service revenue reached $38.2 million, rising 43.6% sequentially. That growth was supported by new partnerships, including BitGo Mint and related stablecoin workflows.

The take rate in this segment improved to 7.4% from 5.5% in Q4 2025, reflecting stronger client adoption and product development.

Subscriptions and Services revenue came in at $25.6 million, up 11.3% year-over-year but down 34.8% sequentially.

BitGo attributed the sequential decline to fewer one-time ecosystem projects completed during the quarter. These projects, while non-recurring, continue to generate downstream opportunities across the platform.

Client Growth and Platform Metrics Show Underlying Strength

BitGo’s client count reached 5,569 in Q1 2026, up 42% year-over-year and 4.6% sequentially. User numbers rose to 1.2 million, up 7.3% from a year earlier.

CEO Mike Belshe spoke to the broader institutional momentum, saying, “This underlying momentum is a testament to the strength of our platform and the trust of our institutional clients in BitGo.”

Belshe also outlined the company’s strategic direction going forward. “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,” he said.

Normalized Assets on Platform grew 29.4% year-over-year to $63.0 billion, stripping out the effect of price movements across digital assets.

Staking revenue totaled $49.4 million, declining 66.2% year-over-year due to lower token prices. Still, normalized staked assets grew 20.8% year-over-year and 27.2% sequentially.

The staking take rate also improved sharply to 16.1% from 12.5% a year ago, driven by new token onboarding and a more favorable validator mix.

The widened net loss was primarily driven by non-cash mark-to-market adjustments on BitGo’s Bitcoin treasury and elevated stock-based compensation tied to its IPO.

BitGo held 2,449 Bitcoin on its balance sheet as of March 31, 2026, with a fair value of approximately $167.1 million. The company expects stock compensation expense to normalize in subsequent quarters.

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