BitGo reported strong revenue growth in its latest quarterly earnings, even though the crypto infrastructure firm posted a bigger net loss due to volatile markets and IPO-related costs.
In the first quarter of 2026, the company reported total revenue of $3.8 billion, up 112.6% from the same period last year. Most of this growth came from digital asset sales, which brought in $3.7 billion. BitGo also saw more interest in its stablecoin business, with stablecoin-as-a-service revenue rising to $38.2 million.
Despite higher revenue, the company’s net loss grew to $60.7 million from $25.7 million a year ago. BitGo said this was mainly due to non-cash accounting impacts from its Bitcoin treasury and stock-based compensation expenses related to its recent public listing.
CEO Mike Belshe said that institutional demand for digital asset services is still growing, even with tough market conditions. The company is now focusing on stablecoins, tokenized assets, and institutional infrastructure, which it believes will shape the next phase of crypto adoption.
BitGo also said its new derivatives business generated nearly $3 billion in trading volume during the quarter. Its new BitGo Mint service is expected to help institutional clients issue and manage stablecoins more efficiently.
The company went public earlier this year on the New York Stock Exchange under the ticker BTGO, raising over $212 million through its IPO.
BitGo doubles revenue to $3.8 billion but net loss widens in Q1 https://t.co/vbSOJDKLVw
— The Block (@TheBlockCo) May 14, 2026
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