BTGO

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BitGo Announces First Quarter 2026 Financial Results

Continued client growth, market share gains and improving monetization across digital asset sales, staking, and stablecoin-as-a-service

NEW YORK, May 13, 2026 (BUSINESS WIRE) – BitGo Holdings, Inc. (NYSE: BTGO) (“BitGo” or “the Company”), the digital asset infrastructure company, today reported its financial results for its first quarter ended March 31, 2026.

Q1 2026 Operational Highlights

•Launched a derivatives offering in Q1, generating approximately $3 billion in notional trading volume during the first quarter.

•Stablecoin-as-a-Service continued to gain momentum, supported by client adoption, product enhancements, and new partnerships.

•Expanded BitGo’s institutional platform through key partnerships, including 21shares, Stable Sea, SoFi, and The Better Money Company.

Q1 2026 Summary

The following tables present selected key financial and operating metrics for Q1 2026.

Financial Metrics

($ in millions, unless otherwise stated; unaudited)

MetricQ1 2026Q1 2025YoYQ4 2025QoQ

Total Revenue$3,773.6 $1,774.7 112.6 %$6,156.5 (38.7)%

Direct Costs(1) $3,724.6 $1,729.9 115.3 %$6,096.7 (38.9)%

Net Loss $(60.7)$(25.7)(135.8)%$(50.0)(21.3)%

Adjusted EBITDA$(1.7)$3.9

N.M.(2)

$12.1

N.M.(2)

Key Performance Indicators (“KPIs”)

(KPIs reflect client activity and assets on the BitGo platform.)

KPIsQ1 2026Q1 2025YoYQ4 2025QoQ

Number of Clients 5,5693,92142.0 %5,3224.6 %

Number of Users (in millions) 1.21.17.3 %1.21.3 %

Assets on Platform (in billions) $63.0 $90.5 (30.4)%$81.6 (22.9)%

Normalized Assets on Platform(3) (in billions) $63.0 $48.6 29.4 %$57.2 10.1 %

Assets Staked (in billions) $11.8 $28.4 (58.3)%$15.6 (24.1)%

Normalized Assets Staked(3) (in billions) $11.8 $9.8 20.8 %$9.3 27.2 %

(1) Direct Costs reflects direct transaction-related digital asset sales costs, staking fees, and stablecoin sponsor fees.

(2) N.M. = Not Meaningful. Period-over-period percentage comparisons are not meaningful due to the magnitude and/or directional nature of the change.

(3) Normalized Assets on Platform and Assets Staked reflects prior period digital asset balances using current quarter average digital asset prices to better illustrate underlying asset growth excluding the impact of digital asset price movements.

Management Commentary

Mike Belshe, CEO of BitGo

“BitGo delivered strong underlying business performance in Q1 despite a challenging market environment, driven by our diversified platform and deepening institutional client relationships.

We continued to gain market share across the business during the quarter. Clients grew 42.0% year-over-year. Normalized Assets on Platform grew 29.4% year-over-year and 10.1% sequentially. Normalized Staked Balances grew 20.8% year-over-year, and 27.2% sequentially. This underlying momentum is a testament to the strength of our platform and the trust of our institutional clients in BitGo.

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.”

Ed Reginelli, CFO of BitGo

“Total revenue in Q1 was approximately $3.8 billion, up 112.6% year-over-year but down 38.7% sequentially. At the beginning of the quarter, we launched our derivatives offering, which generated approximately $3 billion in notional trading volume during the quarter. Following the launch, a portion of client activity shifted from spot trading to derivatives products.

Because derivatives revenue is recognized on a net basis, while spot trading revenue is recognized on a gross basis, reported revenue comparisons to prior periods are not directly comparable. Margins within our digital assets business improved to 32 bps from 20 bps a year ago and 24 bps in Q4 2025. We also improved take rates across our staking and stablecoin-as-a-service offerings. Excluding the accounting impact associated with the derivatives mix shift, underlying platform economics remained significantly more resilient than reported revenue trends would otherwise suggest.”

Consolidated Financial Highlights

•Total Revenue of $3.8 billion increased 112.6% year-over-year, driven by higher digital asset sales activity and a broader contribution from Stablecoin-as-a-Service revenue relative to Q1 2025. Sequentially, total revenue declined 38.7%, reflecting a weaker crypto market environment, as well as lower digital asset sales revenue resulting from a shift in client activity from spot trading to derivatives products following the launch of BitGo’s derivatives offering at the beginning of the quarter. Because derivatives revenue is recognized on a net basis, while spot trading revenue is recognized on a gross basis, repor

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BitGo Holdings Announces Fourth Quarter and Full Year 2025 Financial Results

Posted significant total revenue growth of 440% and 424% in the fourth quarter and full year 2025, respectively

Successfully expanded market share while executing against strategy focused on global expansion, client growth, and product innovation

NEW YORK, March 26, 2026 (BUSINESS WIRE) – BitGo Holdings, Inc. (NYSE: BTGO) (“BitGo” or “the Company”) announced today results for its fourth quarter and full year ended December 31, 2025.

“In January, BitGo became the first public, federally chartered digital asset infrastructure company,” said Mike Belshe, CEO of BitGo. “This milestone, in combination with our strong fourth quarter and full year 2025 results and continued market share expansion, serves to strengthen our value proposition while supporting investments in our strategy as we enhance and broaden our suite of institutional-grade infrastructure solutions."

Belshe continued, “We’ve already made progress against our strategy in the first quarter of 2026. In January, we announced our partnership with SoFi to support their stablecoin, SoFiUSD, making us the first company to support two of the world's top stablecoins. And just a few days ago, we announced our partnership with Susquehanna Crypto to provide institutional clients with first-of-its-kind access to prediction markets through our OTC desk. We also launched our derivatives business during the first quarter of 2026, with roughly $3 billion in notional trading volume and over $3 million in revenue. The year has started with some macro volatility, but we are confident that our ability to capture near-term opportunities and grow our client pipeline position us well to mitigate these headwinds.”

Consolidated Financial Highlights

Fourth Quarter 2025 (vs. Fourth Quarter 2024)

•Total revenue of $6.2 billion increased 439.9% year-over-year, driven by higher digital asset trading activity, increased subscription and services revenue, continued success of the Company’s Stablecoin-as-a-Service offering, as well as existing and new client growth.

•Net loss of $(50.0) million compared to net income of $129.4 million in the prior year, with the change materially driven by declines in digital asset prices impacting the Company’s Bitcoin treasury.

•Adjusted EBITDA of $12.1 million vs. $4.2 million, an increase of 188.0% year-over-year, demonstrating operating leverage inherent in the Company’s model.

•Basic EPS of $(1.03) compared to $1.24 in the prior year, driven by declines in digital asset prices impacting the Company’s Bitcoin treasury.

•Diluted EPS of $(1.03) compared to $1.07 in the prior year, driven by declines in digital asset prices impacting the Company’s Bitcoin treasury.

Full Year 2025 (vs. Full Year 2024)

•Total revenue of $16.2 billion increased 424.3% year-over-year, driven by digital asset sales and gains in subscriptions and services.

•Net loss of $(14.8) million compared to net income of $156.6 million in the prior year, with the change materially driven by declines in digital asset prices impacting the Company’s Bitcoin treasury.

•Adjusted EBITDA of $32.4 million vs. $3.2 million, an increase of 904.4% year-over-year, demonstrating operating leverage inherent in the Company’s model.

•Basic EPS of $(0.38) compared to $1.38 in the prior year, driven by declines in digital asset prices impacting the Company’s Bitcoin treasury.

•Diluted EPS of $(0.38) compared to $0.90 in the prior year, driven by declines in digital asset prices impacting the Company’s Bitcoin treasury.

Product Financial Highlights

Fourth Quarter 2025 (vs. Fourth Quarter 2024)

Digital Asset Sales

•Digital Asset Sales total revenue was $6.0 billion, increasing 531.3% year-over-year from $955.5 million.

•Overall margin of 0.24% compared to 0.34% in the prior year.

Staking Revenue

•Staking total revenue of $58.3 million declined 64.0% year-over-year from $162.1 million.

•Take rate of 7.6% compared to 11.0% in the prior year.

Subscriptions and Services Revenue

•Subscriptions and Services total revenue was $39.3 million, an increase of 75.2% year-over-year from $22.4 million.

Stablecoin-as-a-Service Revenue

•Stablecoin total revenue of $26.6 million.

•Quarterly average AUM of $2.8 billion and take rate of 0.2%.

Full Year 2025 (vs. Full Year 2024)

Digital Asset Sales

•Digital Asset Sales total revenue was $15.6 billion, increasing 512.6% year-over-year from $2.5 billion.

•Overall margin of 0.21% compared to 0.47% in the prior year.

Staking Revenue

•Staking total revenue of $385.0 million declined 16.2% year-over-year from $459.6 million.

•Take rate of 10.5% compared to 8.8% in the prior year.

Subscriptions and Services Revenue

•Subscriptions and Services total revenue was $121.5 million, an increase of 56.9% year-over-year from $77.4 million.

Stablecoin-as-a-Service Revenue

•Stablecoin total revenue of $66.7 million.

•An