BitGo's first-quarter revenue doubled year-over-year to $3.8 billion, the company disclosed this week. The sharp jump marks a significant acceleration for the crypto custody firm, though a net loss of $60.7 million from the same period two years ago remains a drag on its financial history.
Revenue doubles
BitGo reported Q1 2026 revenue of $3.8 billion, up from roughly $1.9 billion in Q1 2025. The company didn't break out the drivers behind the growth, but the figure suggests institutional demand for custody and related services continues to climb. It's a big number for a firm that primarily holds digital assets for banks, hedge funds, and exchanges.
2024 loss still on the books
The rosy top-line number sits alongside an older blot. BitGo posted a net loss of $60.7 million in the first quarter of 2024. The company attributed that red ink to a decline in Bitcoin's price and costs tied to its then-pending initial public offering. Those IPO-related expenses — legal, accounting, underwriting fees — tend to front-load losses even when the underlying business is growing. The 2024 loss doesn't erase the revenue story from this quarter, but it's a reminder that profitability hasn't arrived yet.
BitGo hasn't updated its IPO timeline publicly since last year. The market will be watching for any filing amendments or quiet periods that might hint at a target date.
