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BitGo Q1 revenue increased by 112.6% year-over-year, but the expansion of derivatives could not hide the drag from coin holdings impairment.
Mars Finance News, May 14 — Digital asset infrastructure company BitGo Holdings (NYSE: BTGO) recently released its first quarterly financial report since going public.
In the first quarter of 2026, the company’s total revenue was $3.77 billion, up 112.6% year-over-year, mainly driven by the expansion of digital asset business 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 an approximately $53.7 million impairment from non-cash valuation adjustments of Bitcoin holdings and increased IPO-related equity incentive expenses.
Adjusted EBITDA recorded a loss of $1.7 million, compared to a profit of $3.9 million in the same period last year.
During the quarter, BitGo launched a derivatives business in January, generating approximately $3 billion in notional trading volume.
Since derivatives revenue is recognized on a net basis, while spot trading is recognized on a gross basis, revenue decreased by 38.7% quarter-over-quarter.
The number of clients increased by 42% year-over-year to 5,569.
By the end of the quarter, the company held 2,449 Bitcoin and $186.6 million in cash.