INSTITUTIONAL | BitGo Q1 2026 Losses More Than Double Despite Over 40% Growth in Client Base

Crypto custody firm, BitGo, said its annual revenue rose to $3.8 billion, though losses more than doubled as falling bitcoin prices and costs tied to its public listing weighed on results.

The company reported a net loss of $92 million for the latest fiscal year, compared with a loss of $41 million a year earlier, according to financial details published after its recent initial public offering. The wider losses came despite strong growth in custody, staking and institutional trading services as crypto firms continue to attract demand from hedge funds, asset managers and corporate treasury clients.

BitGo said declining bitcoin prices during parts of the reporting period reduced the value of its crypto holdings and transaction-related income, while expenses tied to its IPO and regulatory expansion also increased operating costs.

The company, which provides digital asset custody and settlement infrastructure for institutional clients, went public in early 2026 in one of the crypto industry’s most closely watched listings following renewed investor appetite for digital asset firms.

Founded in 2013, BitGo has become one of the largest independent crypto custodians globally, safeguarding more than $100 billion in digital assets and supporting a large share of on-chain bitcoin transactions by value.

The results highlight the uneven profitability facing crypto infrastructure firms even as institutional adoption accelerates.

While trading activity and demand for custody services have remained elevated, companies across the sector continue to face volatility linked to

• crypto prices,
• regulatory compliance costs, and
• expansion spending.

BitGo’s listing came amid a broader wave of crypto firms exploring public market debuts after the success of spot bitcoin exchange-traded funds reignited investor interest in the sector.

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