BitGo Reports Increased Q1 Loss Despite Surge in Revenue
BitGo posts wider Q1 loss despite revenue more than doubling
Cointelegraph
Image: Cointelegraph
BitGo, a cryptocurrency custody firm, reported a wider net loss in Q1 2026, despite revenue more than doubling to $38.2 million from stablecoin services. The company ended the quarter with $186.6 million in cash and 2,449 Bitcoin, valued at approximately $167.1 million.
- 01BitGo's stablecoin revenue increased by 43.6% to $38.2 million.
- 02Staking revenue fell sharply by 66.2% to $49.4 million due to lower token prices.
- 03The company reported a net loss, reflecting broader struggles in the cryptocurrency market.
- 04BitGo's shares dropped by 1.09% to $11.78 following the earnings announcement.
- 05Other crypto firms like Coinbase and Exodus also reported significant losses in Q1 2026.
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BitGo, a cryptocurrency custody company, reported a wider net loss in Q1 2026, despite its revenue from stablecoin services more than doubling to $38.2 million. The firm saw a 43.6% increase in stablecoin-as-a-service revenue, while its staking revenue plummeted 66.2% to $49.4 million amid declining token prices. BitGo concluded the quarter with $186.6 million in cash and held 2,449 Bitcoin, valued at approximately $167.1 million. Following the earnings release, BitGo's shares fell 1.09% to $11.78. The broader cryptocurrency market is facing challenges, as other companies like Coinbase reported a $394.1 million net loss, and Exodus Movement's losses more than doubled to $32.1 million. Additionally, Bitcoin miners experienced significant losses, with Marathon Digital Holdings (MARA) reporting a staggering $1.3 billion net loss.
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