BitGo’s $16.2B Revenue Surge Overshadowed by $50M Bitcoin Treasury Loss

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BitGo’s $16.2 Billion Revenue Surge Masks a $50 Million <a href="https://jpygbp.com/btc-usd/">Bitcoin</a> Treasury Hit in Q4

BitGo’s first financial report as a publicly traded company showed impressive revenue growth, but this was offset by a significant decrease in the amount of Bitcoin it holds.

As a crypto investor, I was really impressed with the latest earnings report. This company, which just started trading on the NYSE in January, announced they made $16.15 billion in revenue for 2025 – that’s a massive 424% jump from the year before! It’s exciting to see this kind of growth in the space.

BitGo’s Own Bitcoin Treasury Wiped $50 Million in Q4, Clouding a 440% Revenue Surge

BitGo Holdings (BTGO) announced $16.15 billion in revenue for 2025, which is more than four times its revenue from the previous year. However, the company experienced a net loss of $14.8 million for the year.

BitGo ($BTGO) announced its financial results for the fourth quarter and full year 2025 – the first since becoming a public company. Revenue increased by 440% in the fourth quarter and 424% for the entire year, primarily due to increased trading of digital assets.

— BitGo (@BitGo) March 26, 2026

This is the first time the crypto company has reported its earnings since it began trading on the New York Stock Exchange in January. In the last three months of the year, its revenue reached $6.16 billion, which is 440% higher than the same period last year.

Bitcoin Treasury Losses Offset Record Revenue

Despite strong revenue growth, BitGo experienced a significant drop in profits. They reported a net loss of $50 million in the last quarter of 2025, a stark contrast to the $129.4 million profit earned during the same period in 2024.

The loss happened because the value of digital assets fell, impacting the Bitcoin BitGo held in its treasury.

The company experienced a net loss of $14.8 million for the year, a significant change from the $156.6 million net income it reported the previous year. However, adjusted EBITDA – a measure of profitability excluding certain accounting items – increased dramatically, rising by 904% to $32.4 million.

Most of the company’s revenue came from selling digital assets, totaling $15.6 billion for the year. However, the profit margin on these sales was very low, only 0.21%.

As an analyst, I’m seeing incredible growth in this segment – over 500%! However, the profits are very low, essentially just covering costs. This makes me question how sustainable this growth actually is, and whether it represents genuine, high-quality revenue.

Client Base Doubles, but Market Headwinds Weigh

BitGo saw significant growth in 2024, more than doubling its client base from 2,615 to 5,322. The number of users on the platform also increased by 14%, reaching 1.2 million.

The platform’s total assets decreased by 9.2% compared to the previous year, reaching $81.6 billion. Staked assets experienced a larger drop, falling 51% to $15.6 billion. These declines were largely due to a general downturn in cryptocurrency prices towards the end of 2025.

Subscription and services revenue, a higher-margin line, rose 57% to $121.5 million for the year.

Our Stablecoin-as-a-Service offering generated $66.7 million in revenue from an average of $2.2 billion in managed assets. We saw even stronger growth in the first quarter of 2026, with assets under management in this area surpassing $5 billion.

As an analyst, I’ve been following BitGo closely, and their recent federal charter is a significant development. Essentially, they’ve become the first publicly traded company with a federal charter specifically designed for digital asset infrastructure. From their press release, it’s clear they see this as a way to reinforce what they offer to clients and further invest in their long-term plans.

Stock Slides Below IPO Price

In January, BTGO initially offered its stock to the public at $18 a share—higher than the expected price of $15 to $17. On its first day of trading, the price jumped to $24.50.

As an analyst, I observed that the initial excitement around the stock didn’t last. By the second day of trading, the share price had already fallen below its IPO price, and it’s been steadily declining ever since.

After the company reported its earnings on Thursday, the stock price really took a hit. It dropped another 8.17% in after-hours trading, and right now it’s trading around $9.10. It’s definitely a concerning dip for me as an investor.

Nine analysts recommend strongly buying the stock, with an average price expectation of $15.61 over the next year.

In December 2025, BitGo received approval from the Office of the Comptroller of the Currency (OCC), allowing it to function as a national digital asset trust bank.

As a crypto investor, one of my biggest concerns has always been security and regulation. It’s reassuring to see things evolving in a way that feels familiar. I’ve been watching BitGo get its OCC charter, and it’s a big deal because it means they’re applying the same rigorous standards for capital reserves, audits, and overall security that you’d expect from any traditional bank. Essentially, they’re bringing the established financial safeguards to the digital asset world, which should give investors like me a lot more confidence.

— BitGo (@BitGo) December 23, 2025

In 2025, the company broadened its licensing operations in Germany and secured the necessary permissions to act as a custodian broker-dealer in Dubai.

Starting in early 2026, the company announced partnerships with SoFi and Susquehanna Crypto. They also began offering derivatives trading, which quickly reached billions of dollars in value according to company reports.

The company declined to provide financial guidance for 2026, citing macro volatility.

BitGo’s challenge in its initial time as a public company will likely be balancing its growth with its continued financial losses.

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2026-03-27 14:22