BitGo sees revenue jump 80% to $4.3 billion in Q2 but posts net loss

BitGo Holdings Inc. reported strong revenue growth in the second quarter of 2026, driven by business expansion, despite posting a net loss from digital asset devaluation.

According to its Wednesday disclosure, the digital asset infrastructure firm saw quarterly revenue of $4.33 billion, up 79.6% from $2.41 billion a year earlier and 14.7% from the previous quarter. 

The revenue growth was mainly driven by higher digital asset sales and growth in its stablecoin-as-a-service business, the company said. The disclosure also highlighted $159 million of cash holdings, $147.7 million worth of bitcoin, and a recently authorized $50 million share repurchase program.

"We have the financial flexibility to invest behind our highest-priority opportunities while maintaining discipline around costs and capital allocation," said BitGo Chief Financial Officer Ed Reginelli, who is set to step down from his role effective Sept. 15. "As we enter the second half, our focus is translating continued business growth into stronger earnings, disciplined capital allocation, and more durable financial performance."

BitGo said its business growth was reflected in a 26% growth in the number of clients and a 31% rise in normalized assets on its platform to $65.2 billion.

Despite the expansion, BitGo recorded a net loss of $19 million, or $0.16 per share, in Q2, compared with net income of $38.3 million in the same period last year. Nonetheless, the net loss narrowed from $60.7 million in the first quarter.

"The year-over-year change primarily reflected a $18.8 million unrealized loss on digital assets in Q2 2026, compared with a $55.8 million unrealized gain in the prior-year period," the company explained.

Adjusted EBITDA was a loss of $4.2 million, versus a gain of $3 million in the second quarter of 2025.

BitGo CEO Mike Belshe also said the company "streamlined" its cost structure in the second quarter. In June, the crypto custodian announced that it had cut its staff by 15%, citing changes in the ecosystem.

In the Q2 report, BitGo said it "expanded the use of AI across engineering and operations to accelerate software development, automate manual processes, and improve operating efficiency."