Digital asset infrastructure company BitGo reported a wider first-quarter net loss as Bitcoin treasury mark-to-market losses and IPO-related expenses outweighed stronger client growth and a year-over-year jump in revenue.
Revenue for the quarter ended March 31 was $3.8 billion, up from $1.8 billion a year earlier, driven by higher digital asset trading activity and growing contributions from its stablecoin business, the company announced Wednesday. Revenue fell 38.7% from Q4 2025โs $6.2 billion, partly due to a shift in client trading from spot to derivatives, a product BitGo launched at the start of the quarter that generated roughly $3 billion in notional volume.
However, net loss widened to $60.7 million from $25.7 million in Q1 2025, hit by a $53.7 million non-cash loss tied to the declining value of the companyโs Bitcoin treasury, as well as stock-based compensation from its recent IPO. BitGo said stock compensation costs are expected to normalize going forward.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) swung to a loss of $1.7 million from a gain of $3.9 million a year ago, partly due to a $3 million in one-time legal and professional costs tied to the IPO.
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BitGo client base surges 42%
On the platform side, client count grew 42% year-over-year to 5,569. These are institutions like hedge funds, exchanges, fintech companies and other businesses that plug into BitGoโs infrastructure. Users on the platform also grew to 1.2 million, up 7.3% year-over-year.
BitGo KPIs. Source: BusinessWire
Stablecoin-as-a-service revenue jumped 43.6% to $38.2 million, while staking revenue dropped 66.2% to $49.4 million amid lower token prices.
BitGo ended the quarter with $186.6 million in cash and held 2,449 Bitcoin valued at approximately $167.1 million.
BTGO shares slipped 1.09% in overnight trading to $11.78 after the earnings release, according to Yahoo! Finance.
Related: BitGo launches portfolio-based crypto lending platform for institutions
Crypto companies post widening losses in Q1
A string of crypto companies reported deepening losses in the first quarter of 2026 amid the market decline. Coinbase swung to a $394.1 million net loss, missing revenue estimates of $1.5 billion with $1.41 billion. Exodus Movement more than doubled its losses to $32.1 million as revenue dropped 36.8% and active users slid.
Bitcoin miners, including Riot Platforms, Core Scientific, CleanSpark and TeraWulf, all posted widening losses in Q1 2026, with MARA topping the group at a $1.3 billion net loss, roughly $1 billion of which stemmed from non-cash mark-to-market adjustments on Bitcoin holdings.
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