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BitGo's total revenue for Q1 was $3.77 billion, a year-over-year increase of 112.6%.
Golden Finance reports that on 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, a year-over-year increase of 112.6%, 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 market value adjustments of Bitcoin holdings and increased IPO-related stock-based compensation 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 its 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.
As of the end of the quarter, the company held 2,449 Bitcoin and $186.6 million in cash.