Finance13 August, 20262 min read
BitGo Posts $19 Million Q2 Net Loss Despite 80% Revenue Surge To $4.3 Billion
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BitGo Q2 revenue rose about 80% to $4.33 billion. Net loss of $19 million due to unrealized crypto asset losses.
5 outlets told this the same way.
Revenue up, loss posted
BitGo posted a $19 million net loss in the second quarter of 2026 even as revenue surged nearly 80% year-on-year to $4.3 billion, according to TradingView and The Block. TradingView said the year-on-year swing to a loss largely reflected an $18.8 million unrealized loss on digital assets, compared with a $55.8 million unrealized gain a year earlier. The Block reported BitGo Holdings recorded $4.33 billion in total revenue in the second quarter, up 79.6% year-over-year, while the firm recorded a net loss of $19 million, or $0.16 per share, in Q2.
TradingView also reported that BitGo shares fell 1.8% in overnight trading to $4.90 after closing Wednesday up 0.6% at $4.99, according to Yahoo Finance. In the same period, The Block said the net loss narrowed from $60.7 million in the first quarter.
Margins, spreads, and cuts
BitGo CEO Mike Belshe said the company delivered revenue growth but that profitability was impacted by lower margins and an unfavorable revenue mix, adding, “While we delivered revenue growth, profitability was impacted by lower margins and an unfavorable revenue mix,”. TradingView attributed the weaker margins to “lower spreads on certain spot transactions” and a smaller contribution from derivatives, while also reporting that BitGo authorized a share repurchase program of up to $50 million. TradingView said BitGo expects its cost-cutting measures to generate about $15 million in annualized cash savings and expects expenses to decline in Q3 after cutting its workforce by about 15% in June.
The Block said 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 Block also reported that BitGo said it “streamlined” its cost structure in the second quarter, and that in June it cut its staff by 15%.
Leadership change and outlook
BitGo said CFO Ed Reginelli will resign September 15, while the company conducts a formal search for a successor, according to Crypto News and TradingView. Crypto News reported that client count grew 26% to 5,833 while normalized platform assets reached $65.2 billion during the quarter, and it said stablecoin-as-a-Service revenue increased 148% to $38.8 million. TradingView said BitGo expects expenses to decline in Q3 after cutting its workforce by about 15% in June, and it reported that BitGo expects its cost-cutting measures to generate about $15 million in annualized cash savings.
Crypto News said the company nevertheless recorded a $19 million net loss, reversing $38.3 million profit, partly reflecting digital asset valuation swings, and it also reported that staking revenue fell 28.8% year over year. For Q3, TradingView said management “expect[s] reported revenue to be relatively flat versus Q2 performance” in digital asset sales, with forecasts for broadly stable staking revenue and modest stablecoin growth.