BitGo stock rises 5% as Q3 profit jumps 94% despite revenue slump

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BitGo shares have gained nearly 5% in regular trading as the crypto custody company reported a 51% drop in third-quarter revenue but nearly doubled its net income through gains on its digital asset holdings.

Summary

BitGo shares climbed 4.94% Monday before the company disclosed third-quarter revenue fell 50.9% annually overall.
BitGo reported $44.1 million in net income, supported by $71.5 million in unrealized treasury gains.
Digital asset sales generated $2.72 billion, although transaction costs left only $4.2 million contribution margin.
Normalized platform assets rose 31.9% annually, while reported assets fell as cryptocurrency prices declined overall.
BitGo acquired NYDIG’s institutional trading business and repurchased $24.7 million of shares during Q3 2026.

According to BitGo’s November 9 earnings release, revenue fell to $2.85 billion from $5.81 billion a year earlier, while net income rose 94.4% to $44.1 million. The company attributed the revenue decline to weaker cryptocurrency trading and a higher proportion of lower-margin stablecoin transactions.

You might also like: Riot Platforms completes Bitcoin custody transfer from NYDIG to BitGo

BitGo stock gains 4.94% before earnings release

BitGo Holdings (NYSE: BTGO) closed Monday’s regular trading session at $5.10, gaining $0.24, or 4.94%, according to Google Finance.

The stock opened at $4.80 and traded between $4.74 and $5.18 during the session. Approximately 915,000 shares changed hands before the closing bell.

BitGo stock price chart, source: Google Finance

However, the stock slipped 1.14% in after-hours trading to $5.04 following the company’s earnings announcement. The regular-session gain occurred before BitGo released its quarterly results.

The shares have traded between $4.36 and $24.50 over the past 52 weeks, according to the market data.

BitGo reported diluted earnings of $0.36 per share for the quarter, compared with $0.15 a year earlier and a loss of $0.16 per share in the preceding quarter.

BitGo revenue falls 51% as digital asset sales weaken

For the three months ended September 30, total revenue declined 50.9% year over year and 34.1% from the second quarter’s $4.33 billion.

Digital asset sales generated $2.72 billion, accounting for most of the company’s reported revenue. However, that business declined 52% from a year earlier and 35.2% from the previous quarter.

BitGo said lower trading activity reduced sales, while a higher proportion of stablecoin transactions affected margins.

After accounting for $2.72 billion in digital asset sales costs, the business contributed $4.2 million, representing a margin of 15 basis points.

The margin stood at 17 basis points in the second quarter and 20 basis points in the corresponding period last year.

Across the company, direct costs totaled $2.81 billion. Revenue after those costs reached $37.3 million, down 32.1% year over year.

Operating expenses excluding direct costs fell 5.5% sequentially to $56.6 million following cost-reduction measures introduced during the second quarter.

Nevertheless, BitGo recorded an operating loss of approximately $19.2 million and an adjusted EBITDA loss of $4.3 million.

The company attributed the improvement in net income primarily to a $71.5 million unrealized gain on its digital asset treasury.

As of September 30, BitGo held 2,399 Bitcoin worth $200.4 million on its balance sheet, alongside $143.2 million in cash and cash equivalents.

BitGo expands institutional business despite lower revenue

Despite weaker trading revenue, BitGo reported 6,640 clients, up 33.1% from 4,988 a year earlier. Its platform served approximately 1.3 million users.

Assets on the platform fell to $59.9 billion from $104 billion a year earlier, while assets staked declined to $10.5 billion from $28.6 billion.

However, after adjusting previous periods using current-quarter median cryptocurrency prices, BitGo reported increases of 31.9% in platform assets and 41.1% in staked assets.

The company completed its acquisition of NYDIG’s institutional trading business during the quarter, adding derivatives, structured products, financing and trading capabilities.

It expanded its OKX settlement arrangements internationally and introduced BitGo Prime’s Global Liquidity Layer.

Meanwhile, Riot Platforms completed its Bitcoin custody transfer from NYDIG to BitGo on October 29, ending a relationship that began in November 2023.

BitGo CEO Mike Belshe discussed the company’s institutional infrastructure plans in the earnings release.

“We expanded our global footprint and completed the acquisition of NYDIG’s institutional trading business,” Belshe said.

In a separate November 9 post, he pointed to the company’s 32% normalized asset growth and 41% normalized staking growth.

BitGo was founded on the belief that digital assets would become an integral part of the global financial system. That vision is becoming reality.

Today, we reported our Q3 2026 results.

A few highlights:
-Assets on platform grew 32% year over year on a normalized basis
-Assets… https://t.co/KsAhfc3l6F
— Mike Belshe (@mikebelshe) November 9, 2026

BitGo reports stablecoin growth and share repurchases

Stablecoin-as-a-Service revenue reached $37.4 million, increasing 52.5% year over year, although it declined 3.8% sequentially.

The company recorded $34.5 million in stablecoin sponsor fees, leaving a 7.7% take rate compared with 3.6% a year earlier.

Staking revenue totaled $68.2 million, down 24.1% annually but up 5.4% from the previous quarter. Subscriptions and services contributed $25.6 million.

BitGo repurchased $24.7 million of common stock during the quarter under its $50 million authorization, leaving approximately $25.3 million of the authorization unused.

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