BitGo (BTGO) Stock Slips After Revenue Doubles But Losses Widen

TLDR

• BitGo posted Q1 revenue of $3.8 billion, up 112.6% year-over-year, driven by digital asset sales
• Net loss widened to $60.7 million, up from $25.7 million in Q1 2025
• The larger loss was tied to non-cash bitcoin treasury markdowns and IPO-related stock compensation costs
• Bitcoin dropped ~23.8% during the quarter, ending March near $66,699
• BTGO stock closed at $11.91 on Wednesday, then fell 2.1% in after-hours trading

BitGo (BTGO) reported its first quarterly earnings since going public in January, and the results were a mixed bag. Revenue doubled, but losses deepened — and the stock slipped in after-hours trading.

Total Q1 revenue came in at $3.77 billion, up 113% year-over-year. Digital asset sales led the way at $3.7 billion, a 127.9% jump from a year ago. BTGO stock closed at $11.91 on Wednesday before falling 2.1% after the bell.

The revenue gains were offset by a widening net loss of $60.7 million, compared to a $25.7 million loss in Q1 2025. That’s more than double the loss from a year earlier.

BitGo Holdings, Inc., BTGO

The company pointed to two main culprits: non-cash mark-to-market losses on its bitcoin treasury, and elevated stock-based compensation tied to its January IPO.

Bitcoin fell roughly 23.8% during the quarter, ending March at around $66,699. That markdown hit BitGo’s balance sheet directly, given its crypto holdings.

Staking revenue came in at $49.4 million for the quarter. Subscription and services revenue was $25.6 million.

BitGo’s stablecoin-as-a-service business also showed traction, with revenue rising 43.6% sequentially to $38.2 million. The company credited new client adoption and partnerships, including its BitGo Mint platform.

New Products Getting Off the Ground

BitGo launched a derivatives offering during Q1, which generated around $3 billion in notional trading volume. That’s a new revenue line that didn’t exist a year ago.

BitGo Mint, launched last month, lets institutional clients mint, redeem, and manage stablecoins and digital assets. Mizuho analysts recently called BitGo a “military-grade custodian,” citing its security record and institutional focus.

Adjusted EBITDA was a loss of $1.7 million in Q1, down from a positive $3.9 million in Q1 2025. Gross profit margin stands at just 1.23% over the past twelve months, which reflects how capital-intensive the digital asset sales business is.

Where the Stock Stands

The stock is down about 36% over the past six months. At $11.91, it’s trading near its 52-week low, with a market cap of around $1.37 billion.

Analyst price targets range from $11 to $18. The consensus suggests potential upside of roughly 27% from current levels.

BitGo debuted on the NYSE in January under the ticker BTGO, raising $212.8 million in its IPO.

Analysts tracked by InvestingPro forecast the company will turn profitable this year, with earnings per share estimated at $0.05 for full-year 2026.

Bitcoin was trading at $79,299 as of early Thursday morning, recovering from its Q1 lows.

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