BitGo Q3 2026 revenue falls 50.9% to $2.85 billion as net income nearly doubles

BitGo Holdings, Inc. posted third-quarter 2026 revenue of $2.85 billion, a 50.9% drop from the same period a year earlier. In the same report, net income jumped 94.4% to $44.1 million.

Inside the numbers

BitGo released the results on November 9. Revenue also fell 34.1% from the prior quarter, so the slide was not limited to a tough year-over-year comparison.

The company attributed the decline mainly to lower digital asset sales activity as trading volumes softened. That matters because digital asset sales make up most of BitGo’s reported revenue.

Digital asset sales contributed approximately $2.72 billion of the quarter’s top line. The margin on that activity was just $4.2 million.

Net income came in at $44.1 million. A $71.5 million unrealized gain tied to the company’s treasury holdings of digital assets did much of the work behind that figure.

The unrealized gain is larger than the entire net income figure. Without it, the bottom line would have looked very different.

The adjusted EBITDA figure tells the same story from another angle. BitGo reported an adjusted EBITDA loss of $4.3 million for the quarter.

Adjusted EBITDA strips out items like non-cash gains to show how the core business performed. On that measure, BitGo’s operations lost money in the third quarter.

Where the business is growing

BitGo ended September 30, 2026, with 6,640 clients, up 33.1% from 4,988 a year earlier.

The Stablecoin-as-a-Service business was a standout. Revenue from that product rose 52.5% to $37.4 million.

BitGo launched the offering in March 2025. The service lets businesses work with BitGo to issue and manage their own stablecoins, and it has quickly become one of the company’s more meaningful recurring revenue lines.

That $37.4 million is small next to the $2.72 billion in digital asset sales. It is far larger, though, than the $4.2 million margin those sales produced.

BitGo also expanded through acquisition during the quarter. On August 27, 2026, it closed its purchase of NYDIG’s institutional trading business for a fair value consideration of $57.7 million.

The custody picture

Assets on the BitGo platform fell 42.4% year-over-year to $59.9 billion. The company pinned the decline on lower digital asset prices.

There is an apparent tension in the report. Falling digital asset prices shrank platform assets, while BitGo still recorded a $71.5 million unrealized gain on its own treasury holdings.

The disclosure doesn’t break down which assets produced that gain, so readers should treat it as a figure tied specifically to BitGo’s own balance sheet. It does not reflect the broader market value of client holdings.

What this means for BitGo and its investors

For shareholders, the central question is the quality of earnings. A profit that leans heavily on unrealized gains depends on market prices, and market prices can reverse.

The low margin on digital asset sales is another pressure point. When a business earns $4.2 million on approximately $2.72 billion of sales, small changes in trading volume or pricing can swing results.

Stablecoin-as-a-Service grew 52.5% in a quarter when the overall top line shrank by more than half.

The NYDIG trading acquisition is the piece to watch over the next few quarters. A $57.7 million deal needs to show up in revenue, margins, or client wins to justify itself, and the third quarter only included about a month of ownership.

Investors will likely track three things going forward. The first is whether adjusted EBITDA turns positive. The second is whether recurring lines like stablecoin services keep growing. The third is how much of net income continues to come from mark-to-market gains.