Key Highlights

  • Total Revenue was USD 2.9 billion; Net Income was USD 44.1 million.
  • Adjusted EBITDA was a loss of USD 4.3 million.
  • The company repurchased about USD 25 million of common stock.
  • Cash and cash equivalents were USD 143.2 million.

BitGo Holdings, Inc. (NYSE:BTGO) reported third quarter 2026 total revenue of USD 2.9 billion, down 34.1% sequentially and 50.9% year over year. Net income was USD 44.1 million, compared with a net loss of USD 19 million in the second quarter and net income of USD 22.7 million a year earlier. Adjusted EBITDA was a loss of USD 4.3 million, compared with a loss of USD 4.2 million in the second quarter and a profit of USD 13.5 million a year ago.

Reported EPS was USD 0.36, compared with an estimate of negative USD 0.03.

Revenue Components

Direct costs were approximately USD 2.8 billion, down 34.3% sequentially and 51.1% year over year. Digital asset sales revenue was USD 2.7 billion, down 35.2% sequentially and 52% year over year. After digital asset sales costs, the company generated approximately USD 4.2 million, a Margin of 15 basis points, compared with 17 basis points in the second quarter and 20 basis points a year ago. Management said the margin reflected a higher mix of activity from lower-margin stablecoins.

Staking revenue was USD 68.2 million, up 5.4% sequentially and down 24.1% year over year. Staking fees were USD 64.2 million, a take rate of 5.9%, compared with 6% in the second quarter and 9.7% a year ago. Subscriptions and services revenue was USD 25.6 million. Stablecoin as a service revenue was USD 37.4 million, up 52.5% year over year, with sponsor fees of USD 34.5 million and a take rate of 7.7%.

Platform Assets and Expenses

Reported assets on platform declined from USD 65.2 billion to approximately USD 59.9 billion, and reported assets staked declined from USD 11.9 billion to approximately USD 10.5 billion. On a normalized basis, assets on platform moved from USD 59.6 billion to USD 59.9 billion, and normalized assets staked from USD 10.4 billion to USD 10.5 billion. Using actual September 30 digital asset prices, assets on platform exceeded USD 83 billion.

The sequential improvement in net income reflected a USD 71.5 million unrealized mark-to-market gain on digital assets and lower operating expenses. Expenses excluding direct costs were USD 56.6 million, down 5.5% sequentially and up 10.7% year over year, with approximately one month of operating expenses from the NYDIG acquisition.

NYDIG Acquisition and Capital

The company completed the NYDIG acquisition on August 27 and has since launched BitGo Global Markets, adding expertise in derivatives, structured products and financing. BitGo now supports nearly 100 protocols and over 2,800 tokens. Its relationship with Crossover Markets surpassed USD 2 billion in cumulative notional Volume in September.

The company ended the quarter with USD 143.2 million of cash and cash equivalents and no corporate level Debt other than borrowings used to fund lending activities. Its corporate treasury held 2,399 company-owned Bitcoin with a Fair Value of approximately USD 200 million. About USD 25 million of common stock was repurchased under a USD 50 million authorization, leaving approximately USD 25 million available.

Chief executive Michael Belshe said engineering output is up 65% since the beginning of the year while engineering headcount, token costs and overall AI spend were reduced.

Platform Assets, Stablecoins and the NYDIG Integration

BitGo reported net income of USD 44.1 million on revenue of USD 2.9 billion and cash of USD 143.2 million. Reference points include the normalized platform asset figures, the stablecoin take rate, the remaining share repurchase authorization after about USD 25 million of buybacks, and the integration of NYDIG.