Digital asset infrastructure company BitGo reported a wider net loss in the first quarter, as Bitcoin treasury losses in terms of market cap and IPO-related expenses outweighed stronger customer growth and a year-over-year jump in revenue.
The company announced Wednesday that 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. Revenue fell 38.7% from $6.2 billion in the fourth quarter of 2025, due in part to a shift in customer trading from spot transactions to derivatives, a product BitGo launched at the beginning of the quarter that generated nearly $3 billion in virtual volume.
However, the net loss widened to $60.7 million from $25.7 million in the first quarter of 2025, hurt by a $53.7 million non-cash loss related to the decline in the value of the company’s bitcoin treasury, as well as stock-based compensation from its recent initial public offering. BitGo said stock compensation costs are expected to return to normal in the future.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) swung to a loss of $1.7 million from a profit of $3.9 million last year, partly due to $3 million in one-time legal and professional costs associated with the IPO.
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BitGo customer base increased by 42%
On the platform side, the number of customers increased by 42% year-on-year to 5,569. These are institutions such as hedge funds, exchanges, fintech companies, and other companies that connect to BitGo’s infrastructure. The number of users on the platform also rose to 1.2 million, an increase of 7.3% year-on-year.
BitGo KPIs. Source: Business Wire
Stablecoin-as-a-service revenue jumped 43.6% to $38.2 million, while staking revenue fell 66.2% to $49.4 million amid falling token prices.
BitGo ended the quarter with $186.6 million in cash and held 2,449 bitcoins worth approximately $167.1 million.
BTGO shares fell 1.09% in overnight trading to $11.78 after the earnings announcement, according to Yahoo! finance.
Related to: BitGo launches wallet-based cryptocurrency lending platform for institutions
Cryptocurrency companies report increasing losses in the first quarter
A series of cryptocurrency companies reported mounting losses in the first quarter of 2026 amid a market decline. Coinbase swung to a net loss of $394.1 million, missing revenue estimates of $1.5 billion with $1.41 billion. Exodus Movement more than doubled its losses to $32.1 million, as revenue fell 36.8% and the number of active users declined.
Bitcoin mining companies, including Riot Platforms, Core Scientific, CleanSpark, and TeraWulf, posted mounting losses in the first quarter of 2026, with MARA leading the pack with a net loss of $1.3 billion, of which nearly $1 billion arose from non-cash market adjustments to bitcoin holdings.
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