NEW YORK--(BUSINESS WIRE)--August 12, 2026--
BitGo Holdings, Inc. (NYSE: BTGO) ("BitGo" or "the Company"), the digital asset infrastructure company, today reported its financial results for its second quarter ended June 30, 2026.
Q2 2026 Highlights
-- Clients on Platform, Normalized Assets on Platform, and Normalized
Assets Staked increased 26%, 31%, and 36% year-over-year, respectively,
reflecting continued growth in institutional adoption.
-- Sharpened investment priorities and strengthened the operating model,
expected to drive approximately $15 million of annualized cash savings.
-- Expanded the use of AI across engineering and operations to accelerate
software development, automate manual processes, and improve operating
efficiency.
-- Launched quantum-risk management capabilities for Bitcoin wallets,
further strengthening BitGo's institutional custody platform and security
leadership.
-- Authorized a share repurchase program of up to $50 million as part of
the Company's disciplined capital-allocation framework.
Q2 2026 Summary
The following tables present selected key financial and operating metrics for Q2 2026.
Financial Metrics
($ in millions, unless otherwise stated; unaudited)
Metric Q2'26 Q2'25 YoY Q1'26 QoQ
Total
Revenue $4,329.4 $2,410.5 79.6% $3,773.6 14.7%
Direct
Costs(1) $4,286.9 $2,371.0 80.8% $3,724.6 15.1%
Net Income
(Loss) $ (19.0) $ 38.3 N.M.(2) $ (60.7) N.M.(2)
Adjusted
EBITDA $ (4.2) $ 3.0 N.M.(2) $ (1.7) N.M.(2)
Key Performance Indicators ("KPIs")
(KPIs reflect client activity and assets on the BitGo
platform)
KPIs Q2'26 Q2'25 YoY Q1'26 QoQ
Number of Clients 5,833 4,621 26.2% 5,569 4.7%
Number of Users
(in millions) 1.2 1.1 6.1% 1.2 1.3%
Assets on Platform
(in billions) $ 65.2 $ 90.3 (27.8)% $ 63.0 3.5%
Normalized Assets
on Platform(3)
(in billions) $ 65.2 $ 49.6 31.4% $ 61.2 6.4%
Assets Staked (in
billions) $ 11.9 $ 25.6 (53.6)% $ 11.8 0.3%
Normalized Assets
Staked(3) (in
billions) $ 11.9 $ 8.7 36.1% $ 11.5 3.0%
______________
(1) Direct Costs reflects direct transaction-related digital asset sales
costs, staking fees, and stablecoin sponsor fees.
(2) N.M. = Not Meaningful. Period-over-period percentage comparisons are
not meaningful due to the magnitude and/or directional nature of the
change.
(3) Normalized Assets on Platform and Normalized Assets Staked reflect
prior period digital asset balances using current quarter median
digital asset prices to better illustrate underlying asset growth
excluding the impact of digital asset price movements. BitGo has
adjusted these metrics to use the current quarter medians instead of
quarter average to reduce the impact of statistical outliers in the
data and to better present a comparable normalized figure.
Management Commentary
Mike Belshe, CEO of BitGo
"BitGo continued strengthening its institutional platform during the second quarter. We grew assets on platform, deepened client relationships, streamlined our cost structure, and continued investing in capabilities that make our platform more valuable to clients and the broader ecosystem.
As digital assets, stablecoins, and tokenized financial markets adoption accelerates, we believe demand for secure, regulated infrastructure will expand significantly. That's where BitGo is uniquely positioned.
Our role is to provide the critical infrastructure institutions need regardless of which assets, networks, or applications ultimately succeed. We're already seeing that thesis play out. Following quarter-end, we supported DTCC's demonstration of tokenized securities by providing the regulated custody infrastructure that enabled institutions to securely custody and transfer tokenized assets. We believe this represents an important milestone in the advancement of tokenized financial markets. Together, with our work supporting initiatives such as Canton Network and Figure, it demonstrates that leading institutions are increasingly selecting BitGo's regulated infrastructure as digital assets move into production. We believe we're still in the early stages of institutional adoption. As our industry continues to advance, we believe BitGo is well positioned to provide the critical infrastructure institutions require and capture a growing share of that long-term growth opportunity."
Ed Reginelli, CFO of BitGo
"Total Q2 revenue increased 14.7% sequentially and 79.6% year-over-year to approximately $4.3 billion in the second quarter.
During the quarter, we sharpened our investment priorities and took actions expected to generate approximately $15 million of annualized cash savings. With $159.0 million of cash, approximately $147.7 million of company-owned Bitcoin, no corporate-level debt, 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. As we enter the second half, our focus is translating continued business growth into stronger earnings, disciplined capital allocation, and more durable financial performance."
Consolidated Financial Highlights
-- Total Revenue of $4.3 billion increased 79.6% year-over-year, driven
primarily by higher Digital Asset Sales activity and growth from
Stablecoin-as-a-Service. Sequentially, total revenue increased 14.7%,
reflecting higher revenue across Digital Asset Sales, Staking,
Subscriptions and Services, and Stablecoin-as-a-Service.
-- Net Loss was $19.0 million compared to Net Income of $38.3 million in
Q2 2025 and Net Loss of $60.7 million in Q1 2026. 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 sequential improvement primarily reflected a
smaller unrealized mark-to-market loss on digital assets and lower
compensation and benefits expense, including the normalization of
IPO-related stock-based compensation.
-- Adjusted EBITDA Loss was $4.2 million compared with an Adjusted EBITDA
gain of $3.0 million in Q2 2025 and an Adjusted EBITDA Loss of $1.7
million in Q1 2026. The sequential decline primarily reflected lower
economic contribution from Digital Asset Sales and Staking, partially
offset by lower cash compensation and professional fees.
-- Basic and Diluted EPS were $(0.16) compared with Basic EPS of $0.33 and
Diluted EPS of $0.28 in the prior year, primarily reflecting the change
from an unrealized gain on digital assets in the prior-year period to an
unrealized loss in Q2 2026.
-- Balance Sheet of $159.0 million of cash and cash equivalents and
continued to maintain a balance sheet with no corporate level debt. In
addition, our corporate treasury held 2,523 company-owned Bitcoin with a
fair value of approximately $147.7 million as of June 30, 2026.
Business Line Financial Highlights
BitGo generates revenue by facilitating client activity across its platform, capturing value through transaction-based and recurring fees across multiple offerings.
($ in millions, unless otherwise stated; unaudited)
Q2'26 Q2'26
Offerings Revenue Direct Costs(1) Unit Economics
Digital Asset Sales $4,197.5 $ 4,190.4 Margin: 17 bps
Take Rate:
Staking 64.7 60.8 6.0%
Subscriptions and
Services 27.5 -- --
Take Rate:
Stablecoin-as-a-Service 38.8 35.7 8.0%
Interest Income 0.8 -- --
Total $4,329.4 $ 4,286.9 --
-- Digital Asset Sales: Revenue of approximately $4.2 billion, up 14.7%
sequentially and 84.3% year-over-year. After direct costs, overall
quarterly margin was approximately $7.1 million. While overall Digital
Assets Sales volume increased, margins were impacted by lower spreads on
certain spot trading transactions and lower mix of derivatives activity.
As a result, our overall Digital Asset Sales margin decreased to 17 basis
points, compared to 32 basis points in the first quarter and 19 basis
points in the prior-year period. Spot trading revenue is recognized on a
gross basis, whereas derivatives revenue is recognized on a net basis.
Consequently, changes in the product mix between spot trading and
derivatives can have a meaningful impact on reported Digital Asset Sales
revenue and the associated margin.
-- Staking: Revenue of $64.7 million was up 30.9% sequentially but down
28.8% year-over-year. Staking fees were $60.8 million, resulting in a
take rate of 6.0% compared to a take rate of 16.1% in Q1 and 10.0% a year
ago. Normalized Assets Staked increased 3.0% sequentially and 36.1% year
over year. Sequential revenue growth reflected higher institutional
staking activity, while client mix and lower take rates pressured
margins.
-- Subscriptions and Services: Revenue of $27.5 million was up 7.7%
sequentially and up 8.5% year-over-year. The sequential increase
reflected continued client growth and activity, together with increased
project-based ecosystem and implementation work. Our custody and wallet
relationships remain the foundation of the platform. Our priority is to
convert more of those relationships into recurring, multi-product
revenue.
-- Stablecoin-as-a-Service: Revenue of $38.8 million, up 1.7% sequentially
and 148.0% year-over-year. Stablecoin sponsor fees were $35.7 million,
resulting in a take rate of 8.0%, compared to 7.4% in Q1 and 2.6% a year
ago. Sequential growth was supported by higher reserve balances and fixed
monthly fees from newly supported stablecoin programs. The pipeline is
healthy, and we continue to see opportunities to expand the number of
stablecoin programs supported by the platform.
Chief Financial Officer Transition
BitGo today announced that Chief Financial Officer, Ed Reginelli, will transition from his role during the coming quarter. Mr. Reginelli will remain with the Company to support an orderly transition.
Conference Call and Webcast Information
BitGo will host a call to discuss its results at 5:00 p.m. Eastern Time today, August 12, 2026. A live webcast of the conference call will be available online at https://investors.bitgo.com and an archived replay will be accessible at the same location for up to one year.
About BitGo
BitGo (NYSE: BTGO) is the digital asset infrastructure company delivering custody, wallets, staking, trading, financing, stablecoins, and settlement services from regulated cold storage. Since 2013, BitGo has focused on accelerating the transition of the financial system to a digital asset economy. BitGo maintains a global presence and multiple regulated entities, including BitGo Bank & Trust, National Association, the first federally chartered digital asset trust bank owned by a publicly traded company. Today, BitGo serves thousands of institutions and millions of investors worldwide. For more information, visit www.bitgo.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future operating results and financial condition, our business strategy and plans, market growth and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "potentially," "estimate, " "continue," "anticipate," "intend," "could," "would," "project," "target," "plan," "expect," and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding our future financial performance, including our expectations regarding our revenue, cost of revenue, direct costs, gross profit or gross margin, operating expenses, including changes in operating expenses, and our ability to maintain profitability; our business plan and our ability to effectively manage our growth; our total market opportunity; anticipated trends, growth rates and challenges in our business, the digital asset economy, the price and market capitalization of digital assets in the markets in which we operate; market acceptance of our products and services; beliefs and objectives for future operations; our ability to attract and successfully retain new clients and increase adoption and use of our products and services by existing clients; our ability to develop and introduce new products and services and bring them to market in a timely manner; our expectations concerning relationships with third parties; our ability to maintain, protect, and enhance our intellectual property; our ability to continue to expand internationally; the effects of increased competition in our markets and our ability to compete effectively; future acquisitions or investments in complementary companies, products, technologies, or services; the anticipated benefits, integration, timing and completion of any proposed acquisitions; our restructuring initiatives and our expectations regarding related cost savings and operating efficiencies; our capital allocation strategy, including our share repurchase program; our key business metrics used to evaluate our business, measure our performance, identify trends affecting our business, and make strategic decisions; our ability to stay in compliance with laws and regulations that currently apply or may become applicable to our business both in the U.S. and internationally given the highly evolving and uncertain regulatory landscape; economic and industry trends, projected growth or trend analysis; general economic conditions in the U.S. and globally, including the effects of global geopolitical conflicts, inflation, interest rates, any instability in the global banking sector and foreign currency exchange rates; our ability to operate and grow our business in light of macroeconomic uncertainty; our ability to remediate identified material weaknesses in our internal control over financial reporting; increased expenses associated with being a public company; and other statements regarding our future operations, financial condition, prospects and business strategies.
We have based these forward-looking statements largely on our management's current expectations and projections about future events and trends that we believe may affect our financial condition, operating results, business strategy, and short-term and long-term business operations and objectives. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in the section titled "Risk Factors" included in our Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, as such factors may be updated from time to time in our periodic and other documents of BitGo filed with the Securities and Exchange Commission (available at www.sec.gov). Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
BitGo Holdings, Inc.
Condensed Consolidated Balance Sheets
(unaudited, in thousands, except share data)
As of
------------------------------------
June 30, 2026 December 31, 2025
--------------- -------------------
ASSETS
Current assets:
Cash and cash equivalents $ 158,963 $ 106,275
Cash and cash equivalents
segregated for the benefit of
stablecoin holders - restricted 4,634,863 3,313,527
Accounts receivables, net of
allowance for credit losses 17,357 15,774
Loan receivables, at amortized
cost 157,411 176,655
Digital intangible assets loan
receivables 10,314 30,774
Digital intangible assets, at fair
value 391,345 344,439
Digital intangible assets
collateral, at fair value 330,265 260,358
Deferred tax assets 20,931 7,130
Other current assets 304,486 272,270
---------- ---------------
Total current assets 6,025,935 4,527,202
Equipment and software, net 15,078 13,180
Operating lease right-of-use assets 5,651 6,346
Intangible assets, net 407 1,226
Other non-current assets 724 713
---------- ---------------
Total assets $ 6,047,795 $ 4,548,667
========== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 9,347 $ 9,955
Deferred revenue, current 4,507 4,710
Deposits from stablecoin holders 4,634,863 3,313,527
Borrowings 133,169 118,848
Borrowings of digital intangible
assets 305,810 233,687
Obligations to return collateral 302,516 400,132
Deferred tax liability, current 21,148 7,674
Operating lease liabilities,
current 2,552 2,483
Other current liabilities 207,371 135,125
---------- ---------------
Total current liabilities 5,621,283 4,226,141
Operating lease liabilities,
non-current 3,453 3,978
---------- ---------------
Total liabilities 5,624,736 4,230,119
Commitments and contingencies
Stockholders' equity:
Common stock A, $0.0001 par value
- 3,000,000,000 and 139,950,076
shares authorized as of June 30,
2026 and December 31, 2025;
108,219,469 and 33,822,318 shares
issued and outstanding as of June
30, 2026 and December 31, 2025,
respectively 10 3
Common stock B, $0.0001 par value
- 300,000,000 and 140,000,000
shares authorized as of June 30,
2026 and December 31, 2025,
respectively; 8,855,382 and
8,855,382 shares issued and
outstanding as of June 30, 2026
and December 31, 2025,
respectively 1 1
Convertible preferred stock,
$0.0001 par value - 200,000,000
and 68,965,833 shares authorized
as of June 30, 2026 and December
31, 2025; nil and 60,778,788
shares issued and outstanding as
of June 30, 2026 and December 31,
2025, respectively -- 222,480
Minority interest 1,638 1,953
Additional paid-in capital 439,003 32,006
Retained earnings (17,593) 62,105
---------- ---------------
Total stockholders' equity 423,059 318,548
---------- ---------------
Total liabilities and stockholders'
equity $ 6,047,795 $ 4,548,667
========== ===============
BitGo Holdings, Inc.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except per share data)
Three Months Ended June
30, Six Months Ended June 30,
------------------------ --------------------------
2026 2025 2026 2025
----------- ----------- ----------- -------------
Revenue
Total revenue $4,329,395 $2,410,462 $8,102,968 $4,185,126
Expenses
Digital assets
sales cost 4,190,435 2,273,948 7,838,280 3,876,124
Staking fees 60,781 81,810 102,224 209,532
Stablecoin
sponsor fees 35,710 15,249 71,047 15,249
Interest
expense 5,845 1,252 11,863 2,937
Compensation
and benefits 29,528 23,511 70,330 47,828
General and
administrative
expenses 21,086 17,476 41,391 33,025
Depreciation
and
amortization 2,121 875 3,848 1,741
Restructuring
charges 1,300 -- 1,300 --
--------- --------- --------- ---------
Total
expenses 4,346,806 2,414,121 8,140,283 4,186,436
Loss from
operations (17,411) (3,659) (37,315) (1,310)
Other income
(loss)
Net change in
unrealized
appreciation
(loss) on
digital
assets (18,842) 55,846 (72,565) 22,034
Gain (loss) on
disposal of
digital
assets 5,551 1,260 7,538 (272)
--------- --------- --------- ---------
Total other
income
(loss) (13,291) 57,106 (65,027) 21,762
Income (loss)
before income
taxes (30,702) 53,447 (102,342) 20,452
Tax provision for
(benefit from)
income taxes (11,677) 15,132 (22,644) 7,871
--------- --------- --------- ---------
Net income (loss) $ (19,025) $ 38,315 $ (79,698) $ 12,581
========= ========= ========= =========
Net income (loss)
attributable to
common
stockholders, of
which: $ (19,025) $ 13,453 $ (79,698) $ 1,267
Basic - Class A
common stock
and Class B
common stock $ (19,025) $ -- $ (79,698) $ --
Basic - Class A
common stock $ -- $ 10,928 $ -- $ 1,019
Basic - Class F
common stock $ -- $ 2,525 $ -- $ 248
Diluted - Class
A common stock
and Class B
common stock $ -- $ -- $ -- $ --
Diluted - Class
A common
stock $ -- $ 14,036 $ -- $ 1,082
Diluted - Class
F common
stock $ -- $ 2,322 $ -- $ 185
Net income (loss)
per share:
Basic - Class A
common stock
and Class B
common stock $ (0.16) $ -- $ (0.74) $ --
Basic - Class A
common stock $ -- $ 0.33 $ -- $ 0.03
Basic - Class F
common stock $ -- $ 0.33 $ -- $ 0.03
Diluted - Class
A common stock
and Class B
common stock $ (0.16) $ -- $ (0.74) $ --
Diluted - Class
A common
stock $ -- $ 0.28 $ -- $ 0.02
Diluted - Class
F common
stock $ -- $ 0.28 $ -- $ 0.02
Weighted-average
shares used in
computing net
income (loss) per
share:
Basic - Class A
common stock
and Class B
common stock 116,341 -- 107,422 --
Basic - Class A
common stock -- 32,900 -- 31,209
Basic - Class F
common stock -- 7,601 -- 7,601
Diluted - Class
A common stock
and Class B
common stock 116,341 -- 107,422 --
Diluted - Class
A common
stock -- 49,356 -- 47,712
Diluted - Class
F common
stock -- 8,164 -- 8,164
BitGo Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)
Six Months Ended June 30,
-------------------------------
2026 2025
--------------- --------------
Cash flow from operating activities:
Net income (loss) $ (79,698) $ 12,581
Adjustment to reconcile net income
(loss) to net cash provided by (used
in) operating activities:
Stock-based compensation expense 14,861 1,798
Depreciation and amortization 3,848 1,741
Provision for credit losses 530 802
Digital asset fair value adjustment 72,296 (23,782)
Digital intangible assets received
as revenue payments (24,098) (51,148)
Digital intangible assets used as
accounts payable payments 6,089 9,499
(Gain) loss on disposal of digital
intangible assets (7,538) 272
Change in fair value of receivables
denominated in digital intangible
assets 291 1,965
Change in fair value of payables
denominated in digital intangible
assets (22) (217)
Changes in assets and liabilities
Accounts receivable, net (2,404) 3,646
Digital intangible assets 13,171 32,531
Deferred tax asset (13,801) 1,478
Other assets (17,338) (11,411)
Accounts payables (585) 2,014
Deferred revenue (203) 3,436
Deferred tax liability 13,474 (7,462)
Other liabilities. (15,046) 14,204
---------- ----------
Net cash used in operating activities (36,173) (8,053)
---------- ----------
Cash flow from investing activities:
Purchase of equipment and
capitalization of internally developed
software costs (4,927) (4,939)
Purchase of digital intangible assets
for treasury (22,266) (124)
Origination of loans receivable (100,241) (193,796)
Repayment of loans receivable 119,485 159,079
---------- ----------
Net cash used in investing activities (7,949) (39,780)
---------- ----------
Cash flow from financing activities:
Proceeds from the issuance of common
stock upon exercise of options 1,342 358
Payments of withholding taxes on net
share settlement of restricted stock
units (3,105) --
Proceeds from initial public offering,
net of issuance costs 173,985 --
Share of earnings attributable to
minority interest in joint venture (315) (225)
Proceeds from borrowings to support
loans 118,779 39,354
Repayment of borrowings (104,458) --
Deposits from stablecoin holders, net
of redemptions 1,321,336 2,206,613
Payments to non custodial customer
assets pending settlement (26,523) (4,804)
Payments to settle derivative contracts (41,202) --
Fiat currency received as collateral 8,149 581
Fiat currency returned as collateral (29,842) (18,471)