Hassan Maishera
TL;DR
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BitGo recorded a $3.8 billion in revenue in the first quarter, up 112.6% year-on-year.
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However, its net loss widened to $60.7 million in Q1, compared to a net loss of $25.7 million a year earlier.
BitGo Holdings reported strong revenue growth in its first quarterly earnings release since going public in January, although the company posted wider losses amid market volatility and IPO-related expenses.
In the first quarter, BitGo generated $3.8 billion in total revenue, representing a 112.6% year-on-year increase.
The company said the growth was driven by increased digital asset sales activity and stronger contributions from its Stablecoin-as-a-Service business.
Digital Asset Sales and Stablecoin Services Fuel Growth
In its earnings report, BitGo revealed that revenue from digital asset sales reached $3.7 billion during the quarter, up 127.9% compared to the same period last year.
BitGo also reported:
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$49.4 million in staking revenue
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$25.6 million in subscription and services revenue
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$38.2 million in stablecoin-as-a-service revenue, up 43.6% sequentially
The company attributed the stablecoin business growth to continued institutional adoption and new partnerships tied to BitGo Mint and related stablecoin workflows.
Despite the strong top-line performance, BitGo posted a net loss of $60.7 million in the first quarter, compared to a $25.7 million loss a year earlier.
The company said the increased loss was mainly driven by non-cash mark-to-market impacts linked to its bitcoin treasury holdings and elevated stock-based compensation expenses related to its IPO.
Bitcoin fell roughly 23.8% during the quarter, ending March at approximately $66,699 before rebounding later in the year.
CEO Highlights Institutional Demand for Digital Assets
BitGo CEO Mike Belshe said the company delivered strong operational performance despite difficult market conditions.
“As institutional adoption of digital assets continues to accelerate, we are investing to ensure BitGo not only scales its core infrastructure, but also remains positioned to lead in emerging areas such as stablecoins and tokenized assets, which we believe will define the next phase of digital finance,” Belshe said.
He added that BitGo’s diversified platform and expanding institutional client relationships helped support the company’s growth during the quarter.
BitGo launched its derivatives platform during the first quarter, generating approximately $3 billion in notional trading volume.
Last month, the company introduced BitGo Mint, a service that enables institutional clients to mint, redeem, and manage stablecoins and other tokenized assets.
Analysts at Mizuho recently described BitGo as a “military-grade custodian,” highlighting the firm’s security infrastructure and institutional focus as competitive advantages.
