BitGo’s $16.2 Billion Revenue Surge Masks a $50 Million Bitcoin Treasury Hit in Q4
BitGo reported massive 424% revenue growth but posted a Q4 net loss due to a $50 million hit on its Bitcoin treasury holdings.Summary
BitGo Holdings reported explosive top-line growth in its first earnings report as a public company, achieving $16.15 billion in full-year 2025 revenue, a 424% year-over-year increase, driven primarily by higher digital asset trading activity.
However, this revenue surge was overshadowed by significant profitability issues. In Q4, BitGo posted a $50 million net loss, a sharp reversal from $129.4 million in net income the previous year, directly attributed to unrealized declines in the value of its Bitcoin treasury holdings. For the full year, the company recorded a $14.8 million net loss.
Operationally, BitGo doubled its client count to 5,322, but total assets on the platform declined 9.2% to $81.6 billion. Despite the revenue success, the high-volume digital asset sales carried razor-thin margins (0.21% gross margin). Following the earnings release, the stock, which IPO'd in January at $18, fell further in after-hours trading, reflecting investor concern over the gap between operational growth and bottom-line losses.
(Source：BeInCrypto)