Overview
- BitGo reported about $3.8 billion in Q1 revenue, up 112.6% from a year earlier, with digital asset sales leading even as reported sales fell from Q4 because derivatives are recorded as net fees instead of gross trade value.
- The company posted a $60.7 million net loss tied to Bitcoin markdowns on its own holdings and higher stock-based pay from its January IPO, and adjusted EBITDA was a $1.7 million loss.
- New products gained early traction, with a derivatives desk handling roughly $3 billion in notional trades and BitGo Mint launching in April to let institutions mint and redeem stablecoins on-platform.
- Stablecoin-as-a-Service revenue rose 43.6% from Q4 to $38.2 million as client use grew, while the platform expanded to 5,569 clients and normalized assets on platform reached about $63 billion.
- Shares slipped after hours on the mixed update, and KBW kept a $12 target as it raised its 2026 revenue view and cautioned that loan collateral reliance on rehypothecated assets adds risk.