BitGo Q1 Revenue Rises 112.6% Year-on-Year, But Derivatives Expansion Fails to Offset Asset Impairment

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On May 14, digital asset infrastructure company BitGo Holdings (NYSE: BTGO) released its first quarterly report since going public. In the first quarter of 2026, the company reported total revenue of $3.77 billion, a year-on-year increase of 112.6%, primarily driven by the expansion of its digital asset business and growth in stablecoin-as-a-service revenue. However, the GAAP net loss widened from $25.7 million in the same period last year to $60.7 million, due to a non-cash market value adjustment of approximately $53.7 million related to Bitcoin holdings and increased equity incentive expenses associated with the IPO. 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 nominal trading volume. Due to the net revenue recognition for derivatives and gross revenue recognition for spot trading, revenue decreased by 38.7% quarter-on-quarter. The number of clients increased by 42% year-on-year to 5,569. As of the end of the quarter, the company held 2,449 Bitcoins and $186.6 million in cash.

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