Crypto · 13 May, 2026 · 2 min read
BitGo Reports Q1 2026 Revenue Up 112.6% to $3.77 Billion, Net Loss Widens
BitGo Q1 2026 revenue rose 112.6% to $3.77–$3.8 billion. BitGo moved to NYSE, ticker BTGO.
How much BitGo lost (and timeframe mismatch).
6 of 8 outlets skipped it: sequential revenue fell 38.7% from Q4 2025..
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Same story, two versions
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Conflicting loss figures change valuation interpretation and investor expectations.
BitGo’s Q1 results
BitGo Holdings reported first-quarter 2026 revenue of $3.77 billion, up 112.6% from $1.77 billion a year earlier, while its net loss widened to $60.7 million from $25.7 million a year earlier. The company said digital asset sales generated about $3.66 billion in the quarter, and it also reported staking revenue of $49.4 million and subscription and services revenue of $25.6 million.
BitGo’s stablecoin-as-a-service revenue rose 43.6% sequentially to $38.2 million, and it said the growth was supported by continued client adoption and new partnerships, including BitGo Mint and related stablecoin workflows. BitGo ended the quarter with $186.6 million in cash and cash equivalents and held 2,449 Bitcoin with a fair value of about $167.1 million as of March 31, 2026.
Losses tied to market
In explaining the wider loss, BitGo pointed to non-cash mark-to-market impacts tied to its bitcoin treasury and elevated IPO-related stock-based compensation expenses. The Block quoted BitGo CEO Mike Belshe saying the company delivered strong underlying business performance in the first quarter "despite a challenging market environment, driven by our diversified platform and deepening institutional client relationships."T
Blockonomi also tied the widened net loss to non-cash mark-to-market adjustments on BitGo’s Bitcoin treasury and elevated stock-based compensation tied to its IPO. Blockonomi further described BitGo’s derivatives offering as shifting client activity away from spot trading, with derivatives revenue recognized on a net basis while spot revenue is recognized on a gross basis.
Crypto market backdrop
Separately from BitGo’s earnings, a crypto market overview said Bitcoin was trading below $80,000 at press time on Thursday after three straight days of losses. That same overview cited CoinGlass data showing total liquidations over the last 24 hours amount to roughly $370 million, led by $311 million in long liquidations.
It also said the largest liquidation in the same period occurred on the ETH-$USDT trading pair on Binance, totaling $11.75 million. The overview added that CoinMarketCap’s Crypto Fear and Greed Index was at 46, down from 52 on Monday, indicating that sentiment was shifting bearish.