BitGo Q3 revenue falls 51%, net income rises to $44.1M

Crypto custodian BitGo (NYSE: BTGO) on Nov. 9 reported third-quarter 2026 results: revenue was $2.85 billion, down 50.9% from a year earlier and 34.1% from the second quarter. Net income, however, rose to $44.1 million.

Details

The company attributes the drop to lower trading activity in digital assets and a shift in trade mix toward lower-margin stablecoin transactions. Revenue after direct costs came to $37.3 million, down 32.1% year over year and 12.1% quarter over quarter. The operating loss was $19.2 million and the adjusted EBITDA loss $4.3 million.

Profit came from the revaluation of BitGo's own treasury: unrealized digital asset gains of $71.5 million. As of Sept. 30 it held 2,399 BTC with a fair value of $200.4 million, according to its quarterly filing. The company also repurchased $24.7 million of its own shares during the quarter.

Reported platform assets stood at $59.9 billion ($83.0 billion at quarter-end prices), and normalized assets on platform grew 32% year over year. BitGo also completed its acquisition of NYDIG's institutional trading business. More in The Block's report.

What it means for the market

BitGo's headline revenue is mostly digital asset sales to clients, so it moves quickly with trading volumes; revenue after direct costs is the better gauge of the business, and it fell too. The quarter's profit rests on the rise in the value of the company's bitcoin treasury rather than on operations.

For the market, the report is another sign of slower trading this autumn. For the live price, see the daily brief; coin page: Bitcoin.