NEW YORK–(BUSINESS WIRE)–BitGo Holdings, Inc. (NYSE: BTGO) (“BitGo” or “the Company”), the digital asset infrastructure company, today reported its financial results for its third quarter ended September 30, 2026.
Q3 2026 Highlights
Normalized Assets on Platform, and Normalized Assets Staked increased 32% and 41% year-over-year, respectively, reflecting continued growth in institutional adoption.
Completed the acquisition of NYDIG’s institutional trading business, expanding BitGo’s capabilities in derivatives, structured products, and financing and broadening institutional client relationships.
Expanded institutional trading and settlement connectivity, extending the OKX off-exchange settlement integration internationally and introducing BitGo Prime’s Global Liquidity Layer.
Net income of $44.1 million driven by the appreciation of BitGo’s digital asset treasury since Q2’26.
Repurchased $24.7 million of common stock during the quarter under the Company’s $50 million share repurchase authorization.
Q3 2026 Summary
The following tables present selected key financial and operating metrics for Q3 2026.
Financial Metrics
($ in millions, unless otherwise stated; unaudited)
Metric
Q3’26
Q3’25
YoY
Q2’26
QoQ
Total Revenue
$
2,851.9
$
5,810.5
(50.9
)%
$
4,329.4
(34.1
)%
Direct Costs 1
$
2,814.5
$
5,755.4
(51.1
)%
$
4,286.9
(34.3
)%
Net Income (Loss)
$
44.1
$
22.7
94.4
%
$
(19.0
)
N.M.
2
Adjusted EBITDA (Loss)
$
(4.3
)
$
13.5
N.M.
2
$
(4.2
)
(2.6
)%
Key Performance Indicators ( “ KPIs ” )
(KPIs reflect client activity and assets on the BitGo platform)
KPIs
Q3’26
Q3’25
YoY
Q2’26
QoQ
Number of Clients 3
6,640
4,988
33.1
%
5,833
13.8
%
Number of Users ( in millions )
1.3
1.2
7.3
%
1.2
3.1
%
Assets on Platform ( in billions )
$
59.9
$
104.0
(42.4
)%
$
65.2
(8.1
)%
Normalized Assets on Platform 4 (in billions)
$
59.9
$
45.4
31.9
%
$
59.6
0.6
%
Assets Staked ( in billions )
$
10.5
$
28.6
(63.4
)%
$
11.9
(11.9
)%
Normalized Assets Staked 4 (in billions)
$
10.5
$
7.4
41.1
%
$
10.4
0.5
%
______________________________________________________
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 The sequential increase in reported clients does not represent new clients from acquisition or asset inflows.
4 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
“During the third quarter, we continued to strengthen BitGo’s position as a leading institutional digital asset infrastructure platform. We expanded our global footprint and completed the acquisition of NYDIG’s institutional trading business. We also expanded our off-exchange settlement network through partnerships and integrations with leading exchanges and liquidity providers.
Security and asset protection have been central to BitGo since our founding, and we believe our regulated security infrastructure represents an important competitive advantage as institutional adoption accelerates. BitGo’s Go Network offers a differentiated model that allows institutions to maintain their assets in a regulated, national bank while accessing an expanding network of trading venues, products, and liquidity. This gives institutions greater trading flexibility and choice while reducing their exposure to exchange counterparty risk. We believe this combination of security, asset protection, and market access represents an important evolution in institutional digital asset infrastructure.
At the same time, we are positioning BitGo to provide the financial infrastructure for bringing traditional assets on-chain, beginning with tokenized equities. We see significant opportunities to broaden access to U.S. equities through existing digital asset and stablecoin networks, while expanding the utility of traditional investment portfolios through on-chain settlement, collateral, and financing applications. We believe this convergence of traditional finance and blockchain infrastructure significantly expands our addressable market and creates new opportunities to leverage BitGo’s regulated financial services platform, institutional relationships, and expanding financial capabilities.”
Consolidated Financial Highlights
Assets on Platform: Reported Assets on Platform declined to $59.9 billion from $65.2 billion in the prior quarter, primarily due to lower median digital asset prices used in calculating the metric. On a normalized basis, adjusting for differences in median prices between periods, Assets on Platform and Assets Staked increased slightly sequentially. Based on September 30, 2026 digital asset prices, quarter-end Assets on Platform were $83.0 billion and Assets Staked were $16.3 billion.
Total Revenue was $2.9 billion, down 34.1% sequentially and 50.9% year-over-year, driven primarily by lower digital asset sales activity as a result of a continued soft crypto trading environment. Direct costs 5 decreased 34.3% sequentially and 51.1% year-over-year, respectively. Total revenue after direct costs were $37.3 million, representing a decline of 12.1% sequentially and 32.1% year-over-year.
Operating Expenses (excluding direct costs) were $56.6 million, decreased 5.5% sequentially as a result of cost reduction initiatives initiated in the second quarter.
Net Income was $44.1 million compared to net loss of $19.0 million in Q2 2026 and net income of $22.7 million in Q3 2025. The sequential and year-over-year improvement was primarily driven by a $71.5 million unrealized gain on the Company’s digital assets treasury during the quarter.
Adjusted EBITDA Loss was $4.3 million compared with an Adjusted EBITDA loss of $4.2 million in Q2 2026 and an Adjusted EBITDA profit of $13.5 million in Q3 2025. The sequential decline was primarily driven by lower revenues and margins during the quarter, partially offset by lower operating expenses.
Diluted EPS was $0.36 compared with diluted EPS of ($0.16) in Q2 2026 and $0.15 in Q3 2025.
Balance Sheet: $143.2 million of cash and cash equivalents and no corporate-level debt other than borrowings used to fund our lending activities. In addition, our corporate treasury held 2,399 company-owned Bitcoin with a fair value of $200.4 million as of September 30, 2026.
______________________________________________________
5 Direct Costs reflects direct transaction-related digital asset sales costs, staking fees, and stablecoin sponsor fees.
Business Line Financial Highlights
BitGo generates revenue by facilitating client activity across its platform, capturing value through transaction-based and recurring fees across multiple offerings.
($ in millions, unless otherwise stated; unaudited)
Q3’26
Q3’26
Offerings
Revenue
Direct Costs
Unit Economics
Digital Asset Sales
$
2,720.0
$
2,715.8
Margin: 15 bps
Staking
$
68.2
$
64.2
Take Rate: 5.9%
Subscriptions and Services
$
25.6
$
—
—
Stablecoin-as-a-Service
$
37.4
$
34.5
Take Rate: 7.7%
Interest Income
$
0.8
$
—
—
Total
$
2,851.9
$
2,814.5
—
Digital Asset Sales: Revenue was $2.7 billion, down 35.2% sequentially and 52.0% year-over-year. After digital asset sales costs, contribution margin was $4.2 million, representing 15 basis points, compared to 17 basis points in Q2 2026 and 20 basis points in Q3 2025. Performance was impacted by softer trading activity and a higher mix of lower-margin stablecoin transactions.
Staking: Revenue was $68.2 million, up 5.4% sequentially but down 24.1% year-over-year. Staking fees totaled $64.2 million, representing a take rate of 5.9% compared to 6.0% in Q2 2026 and 9.7% in Q3 2025. Normalized Assets Staked increased 0.5% sequentially and 41.1% year over year to $10.5 billion. The sequential revenue growth was driven by higher ETH balances and prices, partially offset by lower protocol reward rates and price declines across other tokens. The year-over-year revenue decline primarily reflected a lower take rate driven by changes in client mix.
Subscriptions and Services: Revenue was $25.6 million, down 7.2% sequentially and 24.5% year-over-year. The sequential decline primarily reflected lower non-recurring engineering (NRE) revenue due to project timing.
Stablecoin-as-a-Service: Revenue was $37.4 million, down 3.8% sequentially and up 52.5% year-over-year. Stablecoin sponsor fees were $34.5 million, resulting in a take rate of 7.7%, compared to 8.0% in Q2 2026 and 3.6% in Q3 2025. The sequential decline primarily reflected lower average reserve balances, while year-over-year growth was supported by higher reserve balances and fixed monthly fees from newly supported stablecoin programs.
Conference Call and Webcast Information
BitGo will host a call to discuss its results at 5:00 p.m. Eastern Time today, November 9, 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; fluctuations in the value of the digital assets held in our corporate treasury; 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 plans to support tokenized equities and other tokenized traditional financial assets, and the regulatory treatment of such assets; our expectations concerning relationships with third parties, including the expansion of our off-exchange settlement network and trading venue integrations; 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 or completed 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 sections 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 September 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
(in thousands, except share data)
As of
September 30, 2026
December 31, 2025
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
143,154
$
106,275
Cash and cash equivalents segregated for the benefit of stablecoin holders – restricted
4,416,647
3,313,527
Accounts receivable, net of allowance for credit losses
17,663
15,774
Loan receivables, at amortized cost
180,781
176,655
Digital intangible assets loan receivables
9,808
30,774
Digital intangible assets, at fair value
470,030
344,439
Digital intangible assets collateral, at fair value
312,933
260,358
Deferred tax assets
20,929
7,130
Other current assets
321,836
272,270
Total current assets
5,893,781
4,527,202
Equipment and software, net
15,226
13,180
Operating lease right-of-use assets
11,727
6,346
Intangible assets, net
11,949
1,226
Goodwill
43,715
—
Other non-current assets
1,297
713
Total assets
$
5,977,695
$
4,548,667
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
7,966
$
9,955
Deferred revenue, current
3,234
4,710
Deposits from stablecoin holders
4,416,647
3,313,527
Borrowings
187,978
118,848
Borrowings of digital intangible assets
198,952
233,687
Obligations to return collateral
448,223
400,132
Deferred tax liability, current
23,963
7,674
Operating lease liabilities, current
3,480
2,483
Other current liabilities
187,508
135,125
Total current liabilities
5,477,951
4,226,141
Operating lease liabilities, non-current
8,893
3,978
Other non-current liabilities
3,500
—
Total liabilities
5,490,344
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 September 30, 2026 and December 31, 2025, respectively; 111,063,784 and 33,822,318 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively
11
3
Common stock B, $0.0001 par value – 3,000,000,000 and 140,000,000 shares authorized as of September 30, 2026 and December 31, 2025, respectively; 8,855,382 and 8,855,382 shares issued and outstanding as of September 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 September 30, 2026 and December 31, 2025; nil and 60,778,788 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively
—
222,480
Non-controlling interest
1,389
1,953
Additional paid-in capital
459,459
32,006
Retained earnings
26,491
62,105
Total stockholders’ equity
487,351
318,548
Total liabilities and stockholders’ equity
$
5,977,695
$
4,548,667
BitGo Holdings, Inc.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Revenue
Total revenue
$
2,851,864
$
5,810,456
$
10,954,832
$
9,995,582
Expenses
Digital assets sales cost
2,715,832
5,650,715
10,554,112
9,526,839
Staking fees
64,194
81,106
166,418
290,638
Stablecoin sponsor fees
34,490
23,628
105,537
38,877
Interest expense
5,497
2,738
17,360
5,675
Compensation and benefits
28,892
28,416
99,222
76,244
General and administrative expenses
19,434
18,963
60,825
51,988
Depreciation and amortization
2,761
1,008
6,609
2,749
Restructuring charges
—
—
1,300
—
Total expenses
2,871,100
5,806,574
11,011,383
9,993,010
Income (loss) from operations
(19,236
)
3,882
(56,551
)
2,572
Other income
Net change in unrealized appreciation (loss) on digital assets
71,498
19,135
(1,067
)
41,169
Gain (loss) on disposal of digital assets
7,365
5,804
14,903
5,532
Total other income
78,863
24,939
13,836
46,701
Income (loss) before income taxes
59,627
28,821
(42,715
)
49,273
Tax provision for (benefit from) income taxes
15,543
6,149
(7,101
)
14,020
Net income (loss)
$
44,084
$
22,672
$
(35,614
)
$
35,253
Net income (loss) attributable to common stockholders, of which:
$
44,084
$
7,125
$
(35,614
)
$
8,104
Basic – Class A common stock and Class B common stock
$
44,084
$
—
$
(35,614
)
$
—
Basic – Class A common stock
$
—
$
5,776
$
—
$
6,475
Basic – Class B common stock
$
—
$
17
$
—
$
7
Basic – Class F common stock
$
—
$
1,332
$
—
$
1,622
Diluted – Class A common stock and Class B common stock
$
44,084
$
—
$
(35,614
)
$
—
Diluted – Class A common stock
$
—
$
7,495
$
—
$
8,731
Diluted – Class B common stock
$
—
$
14
$
—
$
6
Diluted – Class F common stock
$
—
$
1,220
$
—
$
1,465
Net income (loss) per share:
Basic – Class A common stock and Class B common stock
$
0.38
$
—
$
(0.32
)
$
—
Basic – Class A common stock
$
—
$
0.18
$
—
$
0.21
Basic – Class B common stock
$
—
$
0.18
$
—
$
0.21
Basic – Class F common stock
$
—
$
0.18
$
—
$
0.21
Diluted – Class A common stock and Class B common stock
$
0.36
$
—
$
(0.32
)
$
—
Diluted – Class A common stock
$
—
$
0.15
$
—
$
0.18
Diluted – Class B common stock
$
—
$
0.15
$
—
$
0.18
Diluted – Class F common stock
$
—
$
0.15
$
—
$
0.18
Weighted-average shares used in computing net income (loss) per share:
Basic – Class A common stock and Class B common stock
117,427
—
111,041
—
Basic – Class A common stock
—
32,605
—
30,233
Basic – Class B common stock
—
96
—
32
Basic – Class F common stock
—
7,518
—
7,573
Diluted – Class A common stock and Class B common stock
122,552
—
111,041
—
Diluted – Class A common stock
—
49,628
—
48,503
Diluted – Class B common stock
—
96
—
32
Diluted – Class F common stock
—
8,081
—
8,136
BitGo Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)
Nine Months Ended September 30,
2026
2025
Cash flow from operating activities:
Net income (loss)
$
(35,614
)
$
35,253
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation expense
17,623
2,621
Depreciation and amortization
6,609
2,749
Provision for credit losses
357
1,829
Digital asset fair value adjustment
1,562
(40,070
)
Digital intangible assets received as revenue payments
(29,136
)
(86,160
)
Digital intangible assets used as accounts payable payments
11,376
11,464
(Gain) loss on disposal of digital intangible assets
(14,903
)
(4,918
)
Change in fair value of receivables denominated in digital intangible assets
(528
)
(594
)
Change in fair value of payables denominated in digital intangible assets
34
(241
)
Changes in assets and liabilities
Accounts receivable, net
(2,246
)
959
Digital intangible assets
25,809
63,760
Deferred tax asset
(13,799
)
1,478
Other assets
(14,930
)
2,131
Accounts payables
(1,989
)
4,663
Deferred revenue
(1,476
)
6,234
Deferred tax liability
13,474
(7,462
)
Other liabilities
(16,885
)
9,929
Net cash provided by (used in) operating activities
(54,662
)
3,625
Cash flow from investing activities:
Purchases of equipment and capitalization of internally developed software costs
(7,178
)
(7,021
)
Purchases of digital intangible assets for treasury
(25,301
)
(248
)
Origination of loans receivable
(154,351
)
(281,933
)
Repayment of loans receivable
150,225
206,162
Business combination, net of cash acquired
(10,051
)
—
Net cash used in investing activities
(46,656
)
(83,040
)
Cash flow from financing activities:
Proceeds from the issuance of common stock upon exercise of options
1,783
1,247
Payments of withholding taxes on net share settlement of restricted stock units
(3,635
)
—
Proceeds from initial public offering, net of issuance costs
173,985
—
Proceeds from issuance of common stock from employee stock purchase plan
320
—
Repurchase and retirement of common stock
(24,699
)
—
Share of earnings attributable to non-controlling interest in joint venture
(564
)
(301
)
Proceeds from borrowings to support loans
182,702
255,791
Repayments of borrowings
(113,572
)
(179,576
)
Deposit from stablecoin holders, net of redemptions
1,103,120
2,688,435
Proceeds from (payments to) non custodial customer assets pending settlement
(49,439
)
4,023
Payment to settle derivative contracts
(24,818
)
—
Fiat currency received as collateral
8,112
17,634
Fiat currency returned as collateral
(11,978
)
(29,372
)
Net cash provided by financing activities
1,241,317
2,757,881
Net increase in cash and cash equivalents
1,139,999
2,678,466
Cash and cash equivalents, beginning of period
3,419,802
87,424
Cash and cash equivalents, end of period
$
4,559,801
$
2,765,890
Contacts
Investor Contact
investors@BitGo.com
Media Contact
press@BitGo.com
Read full story here
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