BitGo's Q1 revenue increased by 112.6% year-on-year, but the expansion of derivatives could not mask the drag from the devaluation of its holdings.

According to Huoxun Finance, digital asset infrastructure company BitGo Holdings (NYSE: BTGO) released its first quarterly earnings report since its IPO. Total revenue for the first quarter of 2026 was $3.77 billion, a year-over-year increase of 112.6%, driven by expansion of its digital asset business and increased revenue from stablecoin-as-a-service. However, GAAP net loss widened to $60.7 million from $25.7 million in the same period last year, due to an impairment loss of approximately $53.7 million from adjustments to the non-cash market value of Bitcoin holdings, and increased IPO-related equity incentive expenses. Adjusted EBITDA was a loss of $1.7 million, compared to a profit of $3.9 million in the same period last year. The company launched its derivatives business in January, with a notional trading volume of approximately $3 billion. Revenue from derivatives was recognized on a net basis, while spot revenue was recognized on a gross basis, resulting in a 38.7% sequential decline. The number of clients increased by 42% year-over-year to 5,569, and clients held 2,449 Bitcoins and $186.6 million in cash at the end of the quarter.