BitGo Q3 2026 Revenue Falls 50.9% YoY to $2.85 Billion as Net Income Rises on Treasury Gains
Key Takeaways
- •BitGo's third-quarter 2026 revenue fell 50.9% year-on-year to $2.85 billion, a decline the company attributed to weaker digital asset sales and a business mix shift toward lower-margin stablecoin transactions.
- •The quarter produced an operating loss of $19.2 million and an adjusted EBITDA loss of $4.3 million, while net income rose to $44.1 million from $22.7 million a year earlier, supported by a $71.5 million unrealized gain on BitGo's digital asset treasury.
- •Normalized assets held on BitGo's platform increased 32% year-on-year, which the company said reflects underlying institutional client growth after adjusting for digital asset price movements.
- •As of September 30, 2026, BitGo held 2,399 Bitcoin in its treasury, valued at approximately $200.4 million.
- •During the quarter, BitGo completed its acquisition of NYDIG's institutional trading business and repurchased $24.7 million in shares under its $50 million buyback program.
Crypto custodian BitGo, which bills itself as the largest independent digital assets custodian, reported third-quarter 2026 revenue of $2.85 billion, down 50.9% from a year earlier and 34.1% from the previous quarter, according to figures published by BitcoinKE. The company attributed the decline to weaker digital asset sales and a shift in its business mix toward lower-margin stablecoin transactions, a mix shift that illustrates how revenue lines at digital asset platforms track both trading activity and the margin profile of the products clients use.
Revenue after direct costs fell 32.1% year-on-year to $37.3 million. The company recorded an operating loss of $19.2 million for the quarter, alongside an adjusted EBITDA loss of $4.3 million — figures that show the core business ran at a loss during the period even as headline revenue remained in the billions.
Despite the operating shortfall, net income rose to $44.1 million, up from $22.7 million a year earlier, an increase supported by a $71.5 million unrealized gain on BitGo's digital asset treasury. Because that gain is unrealized, the positive bottom line reflects mark-to-market appreciation on the company's holdings rather than realized operating earnings. As of September 30, 2026, the company held 2,399 Bitcoin in treasury, valued at approximately $200.4 million.
Trading activity was weaker during the period, but normalized assets held on BitGo's platform increased 32% year-on-year. The company said the increase reflects institutional growth on the platform after adjusting for digital asset price movements — a normalization custodians use to signal underlying client growth independent of market direction.
The quarter also featured two strategic and capital developments. BitGo completed its acquisition of NYDIG's institutional trading business, and repurchased $24.7 million in shares under its $50 million buyback programme. For subsequent quarters, the observable items to track include the integration of the newly acquired NYDIG trading unit into BitGo's institutional offering and further deployment of the remaining buyback authorization.
BitcoinKE published the results on November 10, 2026.
