📰 【BitGo First Quarter Revenue Up 112.6% Year-over-Year, But Derivative Expansion Can't Hide Holding Losses Dragging Down Performance】

BlockBeats news, May 14th, digital asset infrastructure company BitGo Holdings (NYSE: BTGO) recently released its first quarterly report since going public. In the first quarter of 2026, the company's total revenue reached $3.77 billion, a year-over-year increase of 112.6%, mainly driven by the expansion of digital asset services and growth in stablecoin-as-a-service revenue. However, GAAP net loss widened from $25.7 million in the same period last year to $60.7 million, due to a non-cash valuation adjustment of approximately $53.7 million related to Bitcoin holdings and increased stock-based compensation expenses related to the IPO. Adjusted EBITDA recorded a loss of $1.7 million...
Another typical revenue frenzy, a feast of losses. $3.77 billion in revenue with a 112.6% growth sounds impressive, but the core issue is that a $53.7 million holding loss directly turned EBITDA into a negative $170,000. $BTGO This financial report structure is no different from third-rate miners; it rises with the coin price, and when it falls, it all goes to zero. Derivative expansion? With that trading volume, they can't even do proper risk hedging. The market is growing increasingly impatient with these kinds of “infrastructure” projects that only burn money buying coins. 👇👇👇👇👇