BitGo Holdings, Inc.

What they do

BitGo offers a holistic platform that includes self-custody wallets, qualified custody, liquidity and prime services, and infrastructure-as-a-service, including stablecoin issuance and management. It serves over 5,800 clients across 100+ countries, supporting 2,200+ digital assets with $65.2 billion in Assets on Platform as of Q2 2026. Its custody entities, including the federally chartered BitGo Bank Trust, hold client assets in segregated, bankruptcy-remote accounts.

Revenue drivers

• Digital asset sales — Revenue from buying and selling digital assets on behalf of clients; Q2 2026 revenue was $4,197.5 million, up from $2,278.2 million in Q2 2025.
• Subscriptions and services — Recurring fees from custody, staking, and wallet services; size not separately disclosed in the excerpts.
• Staking — Earned on staked assets; Assets Staked were $11.9 billion in Q2 2026, down from $25.6 billion in Q2 2025 on a reported basis.

Recent performance

Total revenue for Q2 2026 was $4,329.4 million, up 79.6% year-over-year and 14.7% sequentially. Net loss was $19.0 million in Q2 2026, versus net income of $38.3 million in Q2 2025. Adjusted EBITDA was negative $4.2 million, down from positive $3.0 million in Q2 2025. Reported Assets on Platform fell 27.8% year-over-year to $65.2 billion, but normalized AoP grew 31.4%, reflecting client growth despite price declines. Number of Clients grew 26% year-over-year to 5,833.

Strategy

BitGo is expanding its platform into a broader suite of financial services on top of its core custody and wallet technology. Management has sharpened investment priorities, expecting $15 million in annualized cash savings, and is expanding AI use in engineering and operations. The company launched quantum-risk management for Bitcoin wallets and supported DTCC's tokenized securities demonstration to advance tokenized financial markets. It also authorized a $50 million share repurchase program under a disciplined capital-allocation framework.

Risks

• Digital asset price volatility — Revenue and AoP are highly sensitive to digital asset prices; declines reduce activity and revenue, as seen in Q2 2026 reported AoP drop of 27.8% YoY.
• Client asset concentration — A large portion of revenue may come from a few large clients; the filings do not disclose concentration specifics, but institutional client reliance is a risk.
• Regulatory uncertainty — The evolving U.S. and international regulatory landscape could impose new compliance costs or restrict operations, despite the recent OCC approval for BitGo Bank Trust.
• Cybersecurity and technology risk — As a custodian of digital assets, a security breach or technology failure could result in loss of client assets and reputational damage.

Outlook

Management sees accelerating institutional adoption of digital assets, stablecoins, and tokenized financial markets driving demand for secure, regulated infrastructure. They believe BitGo is uniquely positioned to provide this infrastructure regardless of which assets or networks succeed. The recent DTCC demonstration and work with Canton Network and Figure support this thesis. However, cost savings and profitability improvements are priorities given the Q2 2026 net loss and negative Adjusted EBITDA.