BitGo revenue surged 80% to $4.33B in Q2 2026, but a $19M net loss and thin margins show the gap between transaction scale and profitability in digital asset infrastructure.
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BitGo Holdings reported a sharp jump in second-quarter revenue but swung back to a net loss, underscoring the gap between transaction scale and profitability in digital asset infrastructure.
The company generated $4.33 billion in total revenue for the three months through June, up nearly 80% from a year earlier and 15% from the first quarter. Digital asset sales drove the bulk of the top line, with stablecoin-as-a-service revenue more than doubling from 2025.
Client count rose 26% year over year to 5,833. Normalized assets on the platform climbed 31% to $65.2 billion. Staked assets advanced 36%.
Yet BitGo posted a net loss of $19 million, or $0.16 per share. That reversed the $38.3 million net income from the second quarter of 2025, though it was a sharp improvement from the $60.7 million loss in the first quarter of 2026.
The swing came mostly from an $18.8 million unrealized loss on digital assets in the latest period, compared with a large unrealized gain a year earlier.
Adjusted EBITDA turned negative at a $4.2 million loss, versus a $3 million profit in the year-ago quarter and a $1.7 million loss in the prior quarter.
Direct costs tracked revenue closely at roughly $4.29 billion. Gross margins on digital asset sales remained thin and declined sequentially as the high-volume, low-margin business pressured overall profitability.
Staking revenue rose sequentially but fell year over year. Stablecoin-as-a-service revenue more than doubled from the prior year and continued expanding its take rate.
Management said it refined investment priorities and streamlined operations during the quarter, steps expected to produce about $15 million in annualized cash savings. The company also authorized a $50 million share repurchase program and noted expanded use of artificial intelligence tools in engineering and operations.
At quarter-end, BitGo held $159 million in cash and cash equivalents plus 2,523 bitcoin valued at about $147.7 million. It reported no corporate-level debt.
Executives said the priority is converting platform growth into more durable earnings and allocating capital more carefully in the second half of 2026.
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