Key Highlights
- BitGo posted a $50 million loss in Q4 2025 with EPS at – $1.03, missing estimates and reversing from a $129.4 million profit a year earlier.
- Full-year revenue jumped 424% to $16.2 billion, but the company still reported a $14.8 million net loss, impacted by falling Bitcoin prices.
- Shares fell 6–8% after the results, as weak profitability and margin pressure outweighed strong revenue growth.
BitGo Holdings (NYSE: BTGO), the crypto infrastructure company that went public on the New York Stock Exchange on January 22, 2026, released its first earnings report as a public company on March 26, and the numbers tell two very different stories at the same time.
On one hand, the company grew its full-year 2025 total revenue to $16.2 billion, up 424% from $3.08 billion in 2024. On the other hand, it posted a net loss of $14.8 million for the year, compared to a net income of $156.6 million in 2024. The reason is straightforward: Bitcoin prices fell, and that hurt the company’s Bitcoin treasury hard.
Q4 2025: Revenue up massively, but so is the loss
For the fourth quarter ended December 31, 2025, BitGo reported total revenue of $6.2 billion, a jump of 439.9% year-over-year from $1.14 billion in Q4 2024. That growth was driven by a surge in digital asset trading activity, growth in subscriptions and services, and the company’s Stablecoin-as-a-Service offering gaining traction.
But the net loss for Q4 came in at $50 million, a major reversal from the $129.4 million net income the company posted in Q4 2024. Basic and diluted EPS both came in at -$1.03, versus $1.24 and $1.07, respectively, in the same quarter last year. Analysts polled by FactSet had expected a per-share loss of $0.43, so the miss was significant.
Adjusted EBITDA for Q4, which strips out things like unrealized digital asset losses and stock compensation, came in at $12.1 million versus $4.2 million in Q4 2024, an improvement of 188%.
Breaking down where the revenue came from
In Q4 2025, digital asset sales contributed the most, bringing in $6 billion in revenue, up 531.3% from $955.5 million in Q4 2024. The margin on those sales, however, thinned out to 0.24% from 0.34% in the prior year period.
Staking revenue told a different story. It fell 64% year-over-year to $58.3 million in Q4, down from $162.1 million in Q4 2024. The take rate also dropped to 7.6% from 11%.
Subscriptions and services revenue grew 75.2% to $39.3 million in Q4, up from $22.4 million in Q4 2024. Stablecoin-as-a-Service, which is a newer product for the company, brought in $26.6 million in Q4 with a quarterly average AUM of $2.8 billion and a take rate of 0.2%.
Full year 2025 breakdown
For the full year, digital asset sales revenue hit $15.6 billion, up 512.6% from $2.5 billion in 2024, though margins compressed to 0.21% from 0.47%. Staking revenue for the full year came in at $385 million, down 16.2% from $459.6 million, while the take rate improved to 10.5% from 8.8%.
Subscriptions and services brought in $121.5 million for the year, up 56.9% from $77.4 million. Full-year Stablecoin-as-a-Service revenue was $66.7 million, with an average AUM of $2.2 billion and a take rate of 0.16%.
Full-year Adjusted EBITDA jumped 904.4% to $32.4 million from $3.2 million in 2024.
Client and platform metrics
As of December 31, 2025, the number of clients on BitGo’s platform more than doubled year-over-year, growing 103.5% to 5,322 from 2,615. The number of users grew 14% to 1.2 million from 1 million.
Assets on the platform declined 9.2% to $81.6 billion from $89.9 billion. Assets staked fell significantly, down 51.1% to $15.6 billion from $31.9 billion in the prior year.
As of December 31, 2025, BitGo had total assets of $4.55 billion versus $683.3 million a year ago. The big jump was largely driven by stablecoin-related assets. The company held $106.3 million in cash and cash equivalents and a separate $3.31 billion in cash segregated for the benefit of stablecoin holders.
Total liabilities came in at $4.23 billion, with $3.31 billion of that being deposits from stablecoin holders. Total stockholders’ equity stood at $318.5 million, down slightly from $328.9 million at the end of 2024.
What management said
CEO Mike Belshe did not shy away from addressing the Bitcoin price impact. On the earnings call, which was the company’s first ever as a public entity, he said the asset prices being down affects everyone in the sector and acknowledged BitGo has some degree of correlation to digital asset prices across many parts of its business.
He called out stablecoins and trade volume as two areas that are somewhat less correlated to price movements.
Belshe also highlighted that BitGo, in January 2026, became the first public, federally chartered digital asset infrastructure company after receiving approval from the Office of the Comptroller of the Currency. BitGo Bank and Trust, National Association, is now the first federally chartered digital asset trust bank owned by a publicly traded company.
CFO Edward Reginelli, on Q1 2026 expectations, said trading is expected to show strong year-over-year growth versus Q1 2025 but will be down sequentially from Q4 2025. Staking fees are also expected to be lower than Q1 2025, though the company anticipates some improvement in take rate from onboarding a significant new token. Stablecoin-as-a-Service AUM crossed $5 billion during Q1 2026.
2025 and early 2026 business highlights
During 2025, BitGo launched both its Stablecoin-as-a-Service and Crypto-as-a-Service products. It expanded geographically, broadening its license in Germany and securing custody broker-dealer status in Dubai. It also signed partnerships with Fidelity and BitMine during the year.
After going public in January, the company announced it was supporting SoFi’s stablecoin SoFiUSD, making it the first company to support two of the world’s top stablecoins. It also partnered with Susquehanna Crypto to provide institutional clients access to prediction markets like Polymarket and Kalshi through BitGo’s OTC desk.
The derivatives business was launched on January 1, 2026, and has already clocked around $3 billion in notional trading volume and over $3 million in revenue.
Stock reaction
BTGO shares dropped roughly 6 to 8% on the day of the earnings release, closing around $9.06 to $9.14 after trading as high as $9.95 intraday, as per data by Yahoo Finance.
The stock has a 52-week range of $9.29 to $24.50, and the average analyst price target stands at $15.50, with 12 analysts covering the stock.
Cantor Fitzgerald has an overweight rating on the stock, while Goldman Sachs initiated coverage with a neutral rating and a $11.50 target.
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