BitGo Posts Higher Q1 Loss as Non-Cash Bitcoin Write-Down and IPO Expenses Weigh

BitGo, a digital asset infrastructure firm, reported a wider first-quarter net loss, even as several of its core business indicators continued to expand.

The company posted a net loss of $60.7 million, compared with $25.7 million in the same period last year, largely driven by a $53.7 million non-cash charge due to a decline in its Bitcoin treasury value and stock-based compensation associated with its IPO.

Despite the weaker bottom line, revenue for the quarter ended March 31 rose sharply year over year to $3.8 billion, up from $1.8 billion. This growth was fueled by stronger digital asset trading activity and growing contributions from the company’s stablecoin business.

However, compared with the previous quarter’s $6.2 billion, revenue declined 38.7%, as client activity shifted from spot trading toward derivatives introduced during the period, which generated roughly $3 billion in notional volume.

Profitability metrics also softened, with adjusted EBITDA swinging to a $1.7 million loss from a $3.9 million gain a year earlier, partly reflecting around $3 million in IPO-related legal and professional costs.

Even so, platform engagement continued to strengthen. Client numbers rose 42% year over year to 5,569 institutional users, including exchanges, hedge funds, and fintech firms, while total platform users increased 7.3% to 1.2 million, highlighting ongoing growth across BitGo’s ecosystem.

Source: BitGo