BitGo Q1 Revenue Doubles to $3.77 Billion but Net Loss Widens to $60.7 M
BitGo reported Q1 revenue of $3.77 billion, up 112.6% year-over-year, driven by a 127.9% surge in Digital Asset Sales and a 44% sequential rise in Stablecoin-as-a-Service revenue to $38.2 million. Net loss widened to $60.7 million from $25.7 million a year earlier, weighed down by Bitcoin treasury mark-to-market swings and IPO-related stock-based compensation.
1. Revenue Growth Drivers
BitGo’s Q1 revenue reached $3.77 billion, up 112.6% year-over-year, fueled by Digital Asset Sales of $3.7 billion (127.9% gain) and Stablecoin-as-a-Service revenue of $38.2 million (up 44% sequentially with a 7.4% take rate). The January launch of its derivatives offering contributed roughly $3 billion in notional volume, though net recognition rules limit direct period comparisons.
2. Loss Drivers
Net loss widened to $60.7 million from $25.7 million a year earlier, primarily reflecting non-cash mark-to-market losses on its Bitcoin treasury and elevated IPO-related stock-based compensation expense. Adjusted EBITDA swung to a $1.7 million loss from a $3.9 million gain in Q1 2025.
3. Segment Performance
Subscriptions and Services revenue totaled $25.6 million, up 11.3% year-over-year but down 34.8% sequentially, while staking revenue declined 66.2% year-over-year to $49.4 million as token prices fell.
4. Balance Sheet and Outlook
Cash and equivalents stood at $186.6 million at quarter-end, and the client base grew 42% year-over-year. Management expects stock-based compensation expense to normalize in upcoming quarters.