BitGo Holdings (NYSE: BTGO), the digital asset infrastructure provider, delivered a sharp increase in top-line results for the second quarter of 2026 while still recording an overall net loss. The company generated approximately $4.33 billion in total revenue during the three months ending June 30, up nearly 80% from the same period in 2025 and about 15% sequentially from the first quarter.
Much of the expansion stemmed from elevated activity in digital asset sales, which made up the bulk of revenue, along with continued development of its Stablecoin-as-a-Service offerings.
Other segments, including staking and subscriptions and services, also contributed to the sequential improvement.
Platform metrics reflected broader institutional engagement: the number of clients rose more than 26% year over year to 5,833, while normalized assets on the platform climbed more than 31% to $65.2 billion.
Normalized assets staked similarly advanced more than 36% from the prior-year period.
Despite the solid revenue performance, BitGo reported a net loss of $19 million for the quarter, or $0.16 per share.
This marked a reversal from the $38.3 million net income recorded in the second quarter of 2025, though it represented a meaningful improvement from the $60.7 million loss posted in the first quarter of 2026.
The year-over-year swing was driven largely by an $18.8 million unrealized loss on digital assets in the latest period, compared with a substantial unrealized gain a year earlier.
Adjusted EBITDA also turned negative, showing a $4.2 million loss versus a $3 million profit in the year-ago quarter and a narrower $1.7 million loss in the preceding quarter.
Direct costs moved in close parallel with revenue, totaling roughly $4.29 billion.
Gross margins on digital asset sales remained thin, declining sequentially as that high-volume, lower-margin activity pressured overall profitability.
Staking revenue rose on a sequential basis but declined year-over-year, while Stablecoin-as-a-Service revenue more than doubled from the prior year and continued to expand its take rate.
Management highlighted steps taken during the quarter to refine investment priorities and streamline operations, actions expected to produce approximately $15 million in annualized cash savings.
The company also authorized a share repurchase program of up to $50 million and noted expanded use of artificial intelligence tools to enhance engineering and operational efficiency.
At quarter-end, BitGo held $159 million in cash and cash equivalents along with 2,523 bitcoin valued at about $147.7 million, and reported no corporate-level debt.
Executives emphasized the priority of converting ongoing platform growth into more durable earnings and allocating capital more disciplinedly in the second half of the year.
The results underscore the dual nature of BitGo’s business model: high-volume trading and infrastructure services can drive substantial revenue scale, yet thin margins and mark-to-market volatility in digital asset holdings continue to weigh on the bottom line.
Institutional adoption metrics remain encouraging, providing a foundation for potential margin improvement as cost-reduction initiatives take effect and the mix of higher-margin services expands.