BitGo's revenue jumped 80% in Q2 — its loss narrowed but stayed red

BitGo's second-quarter revenue rose to $4.3 billion, up nearly 80% year over year, The Block reported, though the crypto custodian still posted a $19 million net loss, its second quarterly report since going public in January.

Revenue climbed from $2.41 billion in the same quarter last year, driven mainly by higher digital asset sales and a growing stablecoin-as-a-service business. The bottom line moved in the opposite direction: BitGo posted a net loss of $19.0 million, or $0.16 per share, compared with $38.3 million in net income a year earlier. The company's own filings point to the swing coming almost entirely from unrealized, non-cash valuation changes: an $18.8 million unrealized mark-to-market loss on digital assets this quarter, against a $55.8 million unrealized gain in the same period last year, a roughly $75 million swing in paper value alone.

“While these factors impacted our financial results this quarter, they do not change our long-term conviction in the business or the opportunity ahead.”

— Mike Belshe, CEO, BitGo

The loss narrowed sharply from the prior quarter. BitGo lost $60.7 million in Q1 2026, more than three times the Q2 figure, with the smaller unrealized digital-asset loss this quarter, $18.8 million versus $53.7 million in Q1, doing most of the work. Adjusted EBITDA still came in negative at $4.2 million, worse than Q1's $1.7 million loss and a reversal from the $3 million profit BitGo posted in the same quarter a year ago, though CFO Edward Reginelli said the company expects the business to get closer to breakeven, and slightly profitable, in the third quarter.

Underlying platform metrics kept growing even as the accounting loss persisted. Normalized assets on the platform reached roughly $65.2 billion, up 31% year over year, with normalized staked assets around $12 billion and client count up 26%. Belshe framed the growth as evidence the core business is expanding regardless of quarterly valuation swings, while also pointing to cost discipline: BitGo lowered its cost base and "concentrated resources on the capabilities with the clearest client demand," alongside a newly announced $50 million share buyback authorization.

• Q2 2026 revenue: $4.329B, up ~80% YoY from $2.41B; net loss: $19.0M vs. $38.3M net income a year earlier
• Driver: an $18.8M unrealized digital-asset loss this quarter vs. a $55.8M unrealized gain in Q2 2025
• Adjusted EBITDA: -$4.2M (vs. -$1.7M in Q1 2026, +$3M in Q2 2025); normalized platform assets ~$65.2B, up 31% YoY
• BitGo IPO'd on the NYSE (BTGO) on January 22, 2026; Q2 2026 is only its second quarterly report as a public company

BitGo's public-market debut has put its numbers under a level of scrutiny the company didn't face as a private custodian, the same period in which its CEO publicly dared Claude to try hacking a $6.3 million bitcoin wallet as a security stunt. Both moments point to the same tension running through the company's first two quarters as a listed stock: strong underlying platform growth paired with earnings that still swing on crypto price volatility the business itself doesn't control, a pattern investors will likely keep watching closely into the third-quarter report.

Nothing here should be taken as financial advice — just information to consider.