BitGo, the New York-listed crypto custodian, reported $2.85 billion of revenue for the third quarter of 2026 on Monday 9 November, down 50.9% from $5.81 billion a year earlier, according to the results release filed with the SEC. Almost all of that money passed straight through. After the cost of the crypto it resold, staking rewards paid out and stablecoin sponsor fees, BitGo kept $37.3 million, and it lost $19.2 million from operations.
The company still reported a net profit of $44.1 million, or $0.36 a diluted share, against $22.7 million in the third quarter of 2025 and a $19.0 million loss in the second quarter of 2026. The difference is a $71.5 million unrealised gain on the crypto it holds for its own account, most of it bitcoin. BitGo gave no financial guidance for the fourth quarter.
The pattern is the one seen this earnings season at Sharplink and Bitmine, whose quarters were ether mark-ups, and at Trump Media, whose profit came from its bitcoin mark. BitGo is a different business, though: it sells custody, wallets, staking and trading to about 6,640 institutional clients, and the question its numbers raise is how much of that activity earns money.
BitGo Q3 2026 results in figures
The table puts the main lines of the release next to the previous quarter and the same quarter of 2025. All figures are in millions of dollars and unaudited; the operating result discussed below comes from the income statement of the quarterly report (10-Q) filed the same day.
| Line | Q3 2026 | Q2 2026 | Q3 2025 |
|---|---|---|---|
| Total revenue | 2,851.9 | 4,329.4 | 5,810.5 |
| Direct costs | 2,814.5 | 4,286.9 | 5,755.4 |
| Revenue after direct costs | 37.3 | 42.5 | 55.1 |
| Net income (loss) | 44.1 | -19.0 | 22.7 |
| Adjusted EBITDA | -4.3 | -4.2 | +13.5 |
| Diluted EPS ($) | 0.36 | -0.16 | 0.15 |
Over the first nine months of 2026, revenue reached $10.95 billion and BitGo recorded a net loss of $35.6 million and an adjusted EBITDA loss of $10.1 million. Operating expenses other than direct costs came to $56.6 million in the quarter, 5.5% less than in the second quarter, which the company put down to cost cuts started in the second quarter. Staff pay and benefits were $28.9 million of that.
Why $2.85 billion of revenue leaves $37 million
The headline figure is large because of a presentation the accounting rules impose when a company acts as principal. When a client buys bitcoin through BitGo, the company records the full price of the coins as revenue and the cost of buying them as an expense. The 10-Q explains that BitGo controls the assets before handing them over, carries the duty to deliver them and sets its own spread, so it books these trades on a gross basis. A broker that only matched orders would book its fee alone.
The release breaks the quarter down by business line, and the margins are thin where the volumes are large.
| Business line | Revenue ($m) | Direct costs ($m) | Kept ($m) | Unit economics |
|---|---|---|---|---|
| Digital asset sales | 2,720.0 | 2,715.8 | 4.2 | margin 15 bp |
| Staking | 68.2 | 64.2 | 4.0 | take rate 5.9% |
| Stablecoin-as-a-Service | 37.4 | 34.5 | 2.9 | take rate 7.7% |
| Subscriptions and services | 25.6 | 0 | 25.6 | n/a |
| Interest income | 0.8 | 0 | 0.8 | n/a |
Digital asset sales, the trading desk, brought in $2.72 billion and kept $4.2 million. That is 15 basis points, or about $1.50 for every $1,000 of crypto sold, down from 17 basis points in the second quarter and 20 a year earlier. BitGo blamed what it called “a continued soft crypto trading environment” and a larger share of stablecoin trades, which carry lower margins.
Staking works the same way. BitGo books the full rewards its clients’ coins earn on proof-of-stake networks as revenue, then pays most of them back as staking fees. It kept 5.9% of $68.2 million, against 9.7% a year earlier; the release links the lower take rate to a change in client mix. Staking revenue rose 5.4% from the second quarter on larger ether balances and prices but was 24.1% lower than a year before.
Strip out the pass-through and the most profitable line is the least visible one. Subscriptions and services, the fees institutions pay for multi-signature wallets and custody, brought in $25.6 million with no direct cost attached: about two-thirds of what BitGo kept in the quarter. That line fell 7.2% from the second quarter, which BitGo explained by lower one-off engineering work, and 24.5% from a year earlier.
This is also why the comparison with analysts’ forecasts says little. Cointelegraph reported that the Zacks consensus expected about $4.2 billion of revenue, so the quarter came in roughly a third below it. A revenue line that moves with the gross value of coins traded rises and falls with crypto prices and volumes far more than with the fees the company earns.
An operating loss of $19.2 million, a net profit of $44.1 million
Total expenses, including direct costs, were $2.871 billion against $2.852 billion of revenue, which gives the $19.2 million operating loss in the 10-Q. A year earlier the same line showed operating income of $3.9 million.
Below that line, BitGo recorded $78.9 million of other income: the $71.5 million net change in unrealised value of its digital assets and a $7.4 million gain on crypto it disposed of. That turned the operating loss into a pre-tax profit of $59.6 million, and a tax charge of $15.5 million left the $44.1 million net income. Without the unrealised gain, the quarter would have shown a pre-tax loss of about $11.9 million.
At 30 September the corporate treasury held 2,399 bitcoin with a fair value of $200.4 million, about $83,500 per coin. Bitcoin made up 72.3% of the value of BitGo’s own digital assets at that date, according to the 10-Q. The mark works both ways. With bitcoin near $74,180 at 11:22 UTC on 10 November, the same 2,399 coins would be worth about $178 million, some $22 million less than on 30 September, although the fourth-quarter result will depend on the price on 31 December.
Adjusted EBITDA, the measure BitGo uses to strip out such marks, shows the business without them: a loss of $4.3 million, close to the second quarter’s $4.2 million loss and far from the $13.5 million profit of the third quarter of 2025.
Assets on platform: down 42% or up 32%, depending on the prices used
BitGo’s release leads with a different message: “Normalized Assets on Platform” up 32% from a year earlier. The reported figure fell. Both describe the same $59.9 billion.
The 10-Q defines Assets on Platform (AoP) as the median of the daily balances held by clients on the platform over the period, crypto and cash, custodied or not, each day valued at that day’s market prices. Measured that way, AoP was $59.9 billion in the third quarter, against $65.2 billion in the second quarter and $104.0 billion in the third quarter of 2025: a 42.4% fall over a year.
The normalised figure revalues the balances of earlier periods at the median prices of the current quarter, to show changes in holdings without the effect of prices. On that basis the year-earlier $104.0 billion becomes $45.4 billion, and the $59.9 billion is 31.9% higher. Clients hold more coins than a year ago, but those coins were worth much less on median prices. Normalised assets staked rose 41.1% to $10.5 billion, while reported assets staked fell 63.4% from $28.6 billion.
A third figure sits in the release. Valued at prices of 30 September, the quarter-end balances were $83.0 billion on the platform and $16.3 billion staked. Readers comparing BitGo with other custodians should check which of the three a figure refers to.
The client count rose 13.8% in the quarter to 6,640, and 33.1% over a year. A footnote in the release says the sequential increase does not represent new clients from an acquisition or asset inflows. BitGo counts about 1.3 million users behind those clients.
Stablecoins: $4.4 billion of reserves and a 7.7% take rate
Stablecoin-as-a-Service, the business of issuing and managing dollar tokens for other brands, brought in $37.4 million, up 52.5% from a year earlier and down 3.8% from the second quarter. BitGo records as revenue the full interest earned on the reserves backing those tokens and pays most of it to the sponsors of each stablecoin: $34.5 million in the quarter. It kept 7.7%, against 8.0% in the second quarter and 3.6% a year earlier. BitGo said the yearly growth came from larger reserves and fixed monthly fees from newly supported programmes; the dip from the second quarter reflected lower average reserve balances.
Reserves backing the stablecoins BitGo issues stood at $4.4 billion at 30 September, against $3.3 billion at the end of 2025, according to the 10-Q. They sit in segregated accounts for the benefit of holders, and the filing states that BitGo “maintains no legal, equitable, financial or other ownership interest” in them. For how such tokens are built and backed, see our guide to stablecoins.
Missed forecast, no guidance and a share 72% below its IPO price
BitGo’s Class A shares began trading on the New York Stock Exchange under the ticker BTGO on 22 January 2026, when the company sold 11,026,365 shares at $18.00 and raised about $174.0 million net. The underwriters did not use their option to buy 1.77 million more shares. On Monday 9 November the stock closed up 4.94% at $5.10 and gained another 2.9% in extended trading, The Block reported. At $5.10, the share stands about 72% below its IPO price.
The company bought back $24.7 million of its own stock in the quarter under a $50 million authorisation. It ended September with $143.2 million in cash and cash equivalents, excluding stablecoin reserves, and said it had no corporate-level debt other than borrowings that fund its lending. Total assets were $5.98 billion and shareholders’ equity $487.4 million.
The release contains no outlook for the fourth quarter or for 2026. Management held a call with analysts at 5:00 pm Eastern Time (22:00 UTC) on Monday; a replay is on BitGo’s investor site for a year.
NYDIG, OKX and tokenised shares: where BitGo looks for growth
On 27 August BitGo completed the purchase of the institutional trading business of NYDIG, adding derivatives, structured products and financing to its trading desk. The 10-Q records $43.7 million of goodwill on the deal and $10.1 million of cash paid over nine months, net of cash acquired. The company also extended its off-exchange settlement integration with OKX to international clients and introduced what it calls BitGo Prime’s Global Liquidity Layer.
Chief executive Mike Belshe presented the custody side as the selling point: “we believe our regulated security infrastructure represents an important competitive advantage as institutional adoption accelerates.” He described the Go Network as a way for institutions to keep assets at BitGo Bank & Trust, its federally chartered trust bank, while trading on several venues, and said BitGo is preparing to bring traditional assets on-chain, “beginning with tokenized equities”.
The cost side moved before the quarter began. Cointelegraph reported that BitGo laid off about 15% of its staff in June to refocus on trading, stablecoins and artificial intelligence. The 10-Q shows $1.3 million of restructuring charges over nine months, none of them in the third quarter.
BitGo competes for the same bank and fund clients as Fireblocks, whose MPC custody we explain separately, and as banks that are building their own offers.
Lawsuits, customer concentration and a $250 million insurance cap
The quarterly report puts several numbers on the risks behind the business. The largest customer accounted for 11.3% of revenue in the quarter and 16.8% over nine months. Three customers held 30.1%, 15.7% and 10.5% of the company’s loan receivables at 30 September.
Insurance on assets under custody has a $250.0 million limit, covering theft or loss of keys, and the filing warns that the policy could be insufficient. That limit compares with $59.9 billion of assets on the platform.
In its general risk section, the 10-Q also names “the potential need for additional capital or financing to fund operating losses” among the uncertainties BitGo shares with other young companies. Net cash used in operating activities was $54.7 million over the nine months.
The filing also lists three disputes. A shareholder filed a proposed class action in June in the federal court for the Eastern District of New York against BitGo and some of its directors and officers, over the January IPO documents and statements made between 22 January and 13 May 2026. BitGo disputes the claims, and nothing has been accrued.
In August, two affiliates of DWF Labs, Falcon Digital Management and DWF MaaS, served a claim in the Commercial Court of England and Wales. They allege that BitGo sold Falcon Finance and ESPORTS tokens before contractual lock-ups expired and put the main amount at about $141 million. BitGo says it will defend the case, which is at an early stage.
BitGo is itself a plaintiff in the third. It is still suing Galaxy Digital in the Delaware Court of Chancery for at least $100 million over Galaxy’s abandoned $1.2 billion takeover of 2021; the trial took place in May 2026 and BitGo expects a decision in late 2026 or early 2027.
BitGo Europe holds a MiCA licence from BaFin, passported to France and Italy
BitGo serves European clients through BitGo Europe GmbH in Frankfurt. ESMA’s interim MiCA register of crypto-asset service providers, as consulted on 10 November 2026, lists the company as authorised by Germany’s BaFin on 9 May 2025, with no end date. The authorisation covers custody and administration of crypto-assets, exchange of crypto for funds and for other crypto, execution of orders, reception and transmission of orders, and transfer services.
The same entry lists 30 countries of the European Economic Area where BitGo Europe may provide those services, Germany included, with France and Italy reached through the MiCA passport. Clients there deal with a firm supervised from Frankfurt; the AMF in France and Consob in Italy do not license it themselves. How the passport works is set out in our explainer on the MiCA regulation.
The results documents do not mention Europe or MiCA, and BitGo does not report its European revenue or assets separately.
What to watch next
BitGo’s fourth quarter closes on 31 December, and its net result will again depend on where bitcoin stands that day against the $83,500 implied by the 30 September mark. On the operating side, the trading margin of 15 basis points and the stablecoin reserves, up $1.1 billion in nine months, show whether the fee business is growing. A lead plaintiff in the shareholder suit must file any amended complaint by 30 November. The company has not given a date for its next results.