BitGo Reports Strong Second-Quarter 2026 Revenue Growth as Institutional Digital Asset Adoption Accelerates
BitGo Holdings, Inc. (NYSE: BTGO), a digital asset infrastructure company serving institutional clients, has announced its financial and operating results for the second quarter ended June 30, 2026. The company reported substantial year-over-year revenue growth during the quarter, alongside continued expansion in its institutional customer base and normalized assets across its platform.
The results highlight a period of continued development for BitGo as financial institutions, corporations, and other market participants increasingly adopt digital assets, stablecoins, staking services, and tokenized financial products. At the same time, the company has taken steps to improve its cost structure, prioritize investments, and strengthen its balance sheet as it positions itself for long-term growth.
BitGo’s second-quarter performance was characterized by a sharp increase in revenue, growing institutional engagement, expanded use of artificial intelligence, enhanced wallet security capabilities, and a new share repurchase authorization.
Institutional Adoption Drives Platform Growth
One of the most important developments during the quarter was the continued expansion of BitGo’s institutional platform. The number of clients on the platform increased 26.2% year over year to 5,833 at the end of the second quarter, compared with 4,621 in the same period last year. The company also reported approximately 1.2 million users, representing growth of 6.1% from a year earlier.
Normalized assets on the platform reached approximately $65.2 billion, an increase of 31.4% from $49.6 billion in the second quarter of 2025. On a sequential basis, normalized assets increased 6.4% from $61.2 billion in the first quarter.
BitGo also reported growth in normalized assets staked. The measure reached approximately $11.9 billion, up 36.1% year over year and 3.0% sequentially.
The company uses normalized asset measures to reduce the effect of digital asset price fluctuations when comparing periods. By applying current-quarter median digital asset prices to prior-period balances, BitGo aims to provide a clearer view of underlying client asset growth rather than changes caused primarily by market prices.
These indicators point to continued expansion in the company’s institutional customer relationships and activity levels, even as digital asset markets remain subject to significant price movements.
Revenue Climbs Nearly 80% Year Over Year
BitGo generated total revenue of approximately $4.33 billion during the second quarter, representing a 79.6% increase from $2.41 billion in the second quarter of 2025. Revenue also rose 14.7% compared with the $3.77 billion recorded in the first quarter of 2026.
The increase was driven primarily by higher activity in Digital Asset Sales and continued growth in the company’s Stablecoin-as-a-Service business. Revenue also benefited from sequential increases in Staking and Subscriptions and Services.
Despite the significant increase in revenue, BitGo recorded a net loss of $19.0 million for the quarter, compared with net income of $38.3 million in the second quarter of 2025. The company had reported a net loss of $60.7 million in the first quarter of 2026.
The year-over-year shift was largely attributable to changes in the value of digital assets held by the company. BitGo recorded an $18.8 million unrealized loss on digital assets in the second quarter of 2026, compared with an unrealized gain of $55.8 million in the year-ago period.
The sequential improvement in net loss was primarily related to a smaller unrealized mark-to-market loss on digital assets, as well as lower compensation and benefits expenses.
Adjusted EBITDA loss was $4.2 million during the quarter, compared with adjusted EBITDA income of $3.0 million in the second quarter of 2025 and an adjusted EBITDA loss of $1.7 million in the first quarter of 2026.
Digital Asset Sales Remain the Largest Revenue Contributor
Digital Asset Sales remained BitGo’s largest business line during the second quarter. Revenue from the business reached approximately $4.20 billion, representing an increase of 84.3% compared with the same quarter last year and 14.7% compared with the first quarter.
After direct costs, the business generated approximately $7.1 million in quarterly contribution, with an overall margin of approximately 17 basis points.
Although trading activity increased, the company’s Digital Asset Sales margin declined compared with the first quarter. BitGo attributed the change to lower spreads on certain spot transactions and a lower mix of derivatives activity.
The company’s revenue recognition methodology also means that changes in product mix can have a meaningful effect on reported revenue and margins. Spot trading revenue is recognized on a gross basis, while derivatives revenue is recognized on a net basis.
As a result, the composition of trading activity can influence reported Digital Asset Sales revenue even when underlying client activity remains strong.
Staking Business Shows Continued Asset Growth
BitGo’s Staking business generated $64.7 million in revenue during the second quarter, up 30.9% sequentially but down 28.8% from the prior-year period.
Staking fees totaled approximately $60.8 million, producing a take rate of 6.0%. This compares with a 16.1% take rate in the first quarter and 10.0% in the second quarter of 2025.
Despite the lower take rate, normalized assets staked increased 36.1% year over year and 3.0% sequentially to approximately $11.9 billion.
BitGo said sequential revenue growth was supported by increased institutional staking activity. However, client mix and lower take rates affected the overall economics of the business.
The continued expansion of assets being staked nevertheless demonstrates the growing importance of staking services within the company’s institutional digital asset platform.
Stablecoin-as-a-Service Expands Rapidly
Another significant area of growth was BitGo’s Stablecoin-as-a-Service business. Revenue reached $38.8 million in the second quarter, increasing 148.0% year over year and 1.7% sequentially.
Stablecoin sponsor fees totaled $35.7 million, producing an 8.0% take rate. That compares with 7.4% in the first quarter and only 2.6% in the second quarter of 2025.
The company said sequential growth was supported by higher reserve balances and fixed monthly fees associated with newly supported stablecoin programs.
BitGo continues to see stablecoins as an important growth opportunity as financial institutions and businesses explore digital forms of payments, settlement, and financial infrastructure.
The company indicated that its pipeline of potential stablecoin programs remains healthy and that it expects opportunities to expand the number of stablecoin initiatives supported through its infrastructure.
Subscriptions and Services Continue to Grow
BitGo’s Subscriptions and Services business generated $27.5 million in revenue during the quarter. Revenue increased 8.5% year over year and 7.7% sequentially.
The company attributed the sequential increase to continued customer growth and activity, as well as higher project-based ecosystem and implementation work.
BitGo said its custody and wallet relationships remain central to the platform. The company’s strategy is to use those relationships as a foundation for expanding into additional products and services, with the goal of increasing recurring, multi-product revenue per client.
The approach reflects BitGo’s broader strategy of becoming an infrastructure provider across multiple areas of the digital asset ecosystem rather than relying on a single product category.
Cost Optimization and Artificial Intelligence Initiatives
Alongside its revenue growth, BitGo is focusing on improving operating efficiency.
During the second quarter, the company sharpened its investment priorities and strengthened its operating model. These actions are expected to generate approximately $15 million in annualized cash savings.
The company is also expanding its use of artificial intelligence across engineering and operations. BitGo said AI is being used to accelerate software development, automate manual processes, and improve operational efficiency.
The initiatives are designed to help the company scale its infrastructure while maintaining disciplined spending. For a business operating in a rapidly evolving technology and financial services environment, improving productivity and controlling operating expenses could become increasingly important as BitGo expands its institutional customer base.
Quantum-Resistant Security Becomes a Priority
BitGo also announced the launch of quantum-risk management capabilities for Bitcoin wallets during the quarter.
The initiative is aimed at strengthening the security of the company’s institutional custody infrastructure as the digital asset industry prepares for emerging technological risks.
Quantum computing remains a developing technology, but the potential ability of future quantum systems to challenge existing cryptographic methods has become an area of consideration for digital asset infrastructure providers.
By introducing capabilities focused on quantum-related risks, BitGo is seeking to reinforce its position as a security-focused provider for institutional clients that require robust custody and wallet infrastructure.
Capital Allocation and Share Repurchase Program
BitGo ended the second quarter with $159.0 million in cash and cash equivalents and no corporate-level debt. The company also held approximately 2,523 company-owned Bitcoin, valued at approximately $147.7 million as of June 30, 2026.
The company’s balance sheet provides flexibility as it evaluates investments, growth opportunities, and shareholder returns.
During the quarter, BitGo authorized a share repurchase program allowing the company to repurchase up to $50 million of its shares.
The authorization forms part of what management described as a disciplined capital-allocation framework. The company intends to balance investment in high-priority growth opportunities with cost control and potential returns to shareholders.
CEO Highlights Institutional Opportunity
BitGo CEO Mike Belshe said the company continued to strengthen its institutional platform during the second quarter while expanding assets, deepening client relationships, and improving its cost structure.
Belshe emphasized the company’s view that adoption of digital assets, stablecoins, and tokenized financial markets could significantly increase demand for secure and regulated infrastructure.
BitGo’s strategy is to provide infrastructure regardless of which digital assets, networks, or applications ultimately become dominant.
The company pointed to its involvement in the demonstration of tokenized securities by DTCC following the end of the quarter. BitGo provided regulated custody infrastructure supporting the demonstration, allowing institutions to securely custody and transfer tokenized assets.
Management also highlighted its work supporting initiatives involving the Canton Network and Figure. According to BitGo, these developments demonstrate growing institutional interest in regulated infrastructure as digital assets increasingly move from experimentation toward production use cases.
CFO Transition Announced
BitGo also announced that Chief Financial Officer Ed Reginelli will transition out of his role during the coming quarter. Reginelli will remain with the company during the transition period to support an orderly handover.
The CFO transition comes as BitGo enters the second half of 2026 with a focus on improving profitability, managing expenses, allocating capital efficiently, and converting continued business growth into stronger financial performance.
BitGo’s second-quarter results demonstrate both the opportunities and challenges facing digital asset infrastructure companies.
On one hand, the company is benefiting from strong institutional adoption, substantial growth in client numbers, higher normalized assets on its platform, and rapid expansion in areas such as Stablecoin-as-a-Service. Revenue growth of nearly 80% year over year underscores the scale of activity moving through the platform.
On the other hand, profitability remains affected by market-related changes in digital asset values, business-line margins, compensation expenses, and the evolving mix of trading activity.
Management’s strategy for the remainder of 2026 is therefore centered on converting platform growth into more durable earnings. Cost savings, AI-driven efficiency improvements, recurring subscription revenue, stablecoin programs, and disciplined capital allocation are expected to play important roles in that effort.
As institutional participation in digital assets continues to develop, BitGo is positioning itself as infrastructure connecting traditional financial institutions with digital assets and tokenized markets. Its focus on regulated custody, staking, stablecoins, wallet security, and institutional transaction infrastructure gives the company multiple avenues for growth.
The second quarter also illustrates the importance of scale and diversification in the digital asset infrastructure market. While Digital Asset Sales remains the dominant contributor to revenue, growth in stablecoins, staking, subscriptions, and institutional services could help BitGo build a broader and potentially more recurring revenue base over time.
With a growing institutional client network, expanding normalized assets, a strengthened operating model, substantial liquidity, no corporate-level debt, and a newly authorized $50 million share repurchase program, BitGo enters the second half of 2026 focused on balancing growth with financial discipline.
The company believes institutional adoption remains in its early stages and that the transition toward regulated digital asset infrastructure, stablecoin-based financial services, and tokenized securities could create significant long-term opportunities. BitGo’s ability to translate those trends into sustainable revenue growth and improved profitability will remain a key focus for investors and the broader digital asset industry as the company moves forward.
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