ChainCatcher report: Digital asset infrastructure company BitGo Holdings (NYSE: BTGO) recently released its first quarterly earnings report since going public. In the first quarter of 2026, the company’s total revenue reached $3.77 billion, a 112.6% year-over-year increase, primarily driven by expansion in digital asset services and growth in stablecoin-as-a-service revenue. However, GAAP net loss widened from $25.7 million in the same period last year to $60.7 million, due to a non-cash impairment of approximately $53.7 million from mark-to-market adjustments on Bitcoin holdings, as well as increased share-based compensation expenses related to the IPO. Adjusted EBITDA recorded a loss of $1.7 million, compared to a profit of $3.9 million in the same period last year. During the quarter, BitGo launched its derivatives business in January, generating approximately $3 billion in notional trading volume. Due to derivatives revenue being recognized on a net basis while spot trading revenue is recognized on a gross basis, revenue declined 38.7% quarter-over-quarter. The number of customers increased 42% year-over-year to 5,569. As of the end of the quarter, the company held 2,449 Bitcoin and $186.6 million in cash.
BitGo Q1 Revenue Surges 112.6% to $377M, but BTC Impairment Widens Loss
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Summary
BitGo's Q1 revenue surged 112.6% to $377M, driven by stablecoin growth and digital asset expansion. BTC price volatility resulted in a $53.7M impairment, widening the GAAP net loss to $60.7M. Adjusted EBITDA turned negative at $1.7M. The derivatives launch reached $3B in notional volume, but revenue declined 38.7% due to net reporting. With 5,569 clients and 2,449 BTC in holdings, altcoins under observation may gain momentum as the company diversifies. Cash reserves totaled $186.6M.
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