BitGo Reports $3.8 Billion Revenue in Q1 While Net Loss Expands

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• Revenue increased to $3.8 billion in Q1 2026 from $1.8 billion a year earlier.
• Net loss widened to $60.7 million due to Bitcoin treasury mark-to-market losses and IPO-related stock compensation.
• Client count grew 42% year-over-year to 5,569 institutional clients.
• Stablecoin-as-a-service revenue rose 43.6% to $38.2 million.
• BitGo held 2,449 Bitcoin valued at approximately $167.1 million at the end of the quarter.

BitGo Reports Higher Revenue but Wider Q1 Net Loss

Digital asset infrastructure company BitGo reported a wider net loss for the first quarter ended March 31, despite strong year-over-year revenue growth and an expanding client base.vThe company posted revenue of $3.8 billion in Q1 2026, compared with $1.8 billion in the same period last year. BitGo said the increase was driven by higher digital asset trading activity and growing contributions from its stablecoin business.

Revenue declined 38.7% from Q4 2025 revenue of $6.2 billion. According to the company, the decline was partly linked to a shift in client trading activity from spot markets to derivatives. BitGo launched its derivatives product at the beginning of the quarter, generating approximately $3 billion in notional trading volume.

Net loss widened to $60.7 million, compared with a loss of $25.7 million in Q1 2025. The company attributed the increase primarily to a $53.7 million non-cash loss related to the declining value of its Bitcoin treasury holdings, along with stock-based compensation expenses connected to its recent IPO. BitGo stated that stock compensation costs are expected to normalize in future periods.

Adjusted EBITDA Turns Negative in Q1: Adjusted EBITDA shifted to a loss of $1.7 million from a gain of $3.9 million a year earlier. The company said the result was partly affected by approximately $3 million in one-time legal and professional expenses related to the IPO process.

Client Growth and Stablecoin Revenue Increase

BitGo’s institutional client base grew 42% year-over-year to 5,569 clients. The company said these clients include hedge funds, exchanges, fintech firms, and other businesses using its infrastructure platform. Platform users increased 7.3% year-over-year to 1.2 million.

Revenue from BitGo’s stablecoin-as-a-service business rose 43.6% to $38.2 million during the quarter. In contrast, staking revenue declined 66.2% to $49.4 million, which the company attributed to lower token prices. At the end of the quarter, BitGo held $186.6 million in cash and owned 2,449 Bitcoin with an estimated value of approximately $167.1 million. BitGo currently ranks around #36 among public Bitcoin treasury companies globally based on corporate Bitcoin holdings data.

Crypto Treasury Firms Face Heavy Q1 Losses

Japanese investment firm Metaplanet reported a massive $725 million loss in Q1 2026, mainly due to unrealized valuation declines on its Bitcoin holdings during market volatility. Meanwhile, Strategy posted an even larger $12.54 billion quarterly net loss as Bitcoin prices weakened during the period. Strategy also indicated it may consider selling part of its Bitcoin reserves to meet future dividend obligations if needed. The results highlight how large corporate Bitcoin holdings can significantly impact earnings during sharp crypto market swings.

FAQs

1. Why did BitGo’s net loss increase in Q1 2026?
BitGo’s net loss widened mainly due to a $53.7 million non-cash loss tied to the declining value of its Bitcoin treasury holdings, along with IPO-related stock compensation expenses.

2. How much revenue did BitGo generate in Q1 2026?
BitGo reported revenue of $3.8 billion in Q1 2026, compared with $1.8 billion during the same period last year, driven by higher digital asset trading activity and stablecoin business growth.

3. How many institutional clients does BitGo have?
BitGo’s institutional client count increased 42% year-over-year to 5,569 clients, including hedge funds, exchanges, fintech firms, and other businesses using its crypto infrastructure services.

4. How much Bitcoin did BitGo hold at the end of Q1 2026?
At the end of the quarter, BitGo held 2,449 Bitcoin with an estimated value of approximately $167.1 million.