BitGo’s $16.2 Billion Revenue Surge Masks a $50 Million Bitcoin Treasury Hit in Q4

BitGo Holdings delivered explosive top-line growth in its first earnings report as a public company. However, a sharp decline in its Bitcoin treasury cast a long shadow over the results.

The firm, which debuted on the New York Stock Exchange in January, reported full-year 2025 revenue of $16.15 billion, a staggering 424% increase year-on-year.

BitGo’s Own Bitcoin Treasury Wiped $50 Million in Q4, Clouding a 440% Revenue Surge

BitGo Holdings (BTGO) reported $16.15 billion in full-year 2025 revenue, a 424% jump from the prior year, but posted a $14.8 million net loss for the period.

The results mark the crypto custodian’s first earnings release since its January 22 IPO on the New York Stock Exchange. Fourth-quarter revenue alone hit $6.16 billion, up 440% year-over-year.

Bitcoin Treasury Losses Offset Record Revenue

The headline growth masked a sharp profitability reversal. BitGo posted a $50 million net loss in Q4, compared to $129.4 million in net income during the same quarter of 2024.

The swing was driven by unrealized declines in digital asset prices that hit BitGo’s Bitcoin treasury holdings.

For the full year, net loss came in at $14.8 million versus $156.6 million in net income a year earlier. Adjusted EBITDA, which strips out non-cash items like mark-to-market effects and stock-based compensation, rose 904% to $32.4 million.

Digital asset sales accounted for the bulk of revenue, generating $15.6 billion for the full year with a gross margin of just 0.21%.

The segment grew more than 500% but operates on razor-thin pass-through margins, raising questions about the quality of top-line growth.

Client Base Doubles, but Market Headwinds Weigh

BitGo more than doubled its client count to 5,322 from 2,615 at the end of 2024. Users on its platform grew 14% to 1.2 million.

However, total assets on the platform declined 9.2% year over year to $81.6 billion, and staked assets fell 51% to $15.6 billion, reflecting broader crypto price weakness in late 2025.

Subscription and services revenue, a higher-margin line, rose 57% to $121.5 million for the year.

Stablecoin-as-a-Service, a newer offering, contributed $66.7 million on $2.2 billion in average assets under management. Management highlighted that AUM in this segment exceeded $5 billion during Q1 2026.

“In January, BitGo became the first public, federally chartered digital asset infrastructure company. This milestone…serves to strengthen our value proposition while supporting investments in our strategy…” read an excerpt in the BitGo press release.

Stock Slides Below IPO Price

BTGO priced its IPO at $18 per share in January, above the proposed $15 to $17 range, and surged to $24.50 on its first trading day.

The rally proved short-lived. Shares slipped below the IPO price by the second day and have continued to drift lower since.

Following Thursday’s earnings release, the stock fell an additional 8.17% in after-hours trading, and was trading for $9.10 as of this writing.

Nine analysts maintain an average “Strong Buy” rating with a consensus 12-month price target of $15.61.

BitGo also secured approval from the Office of the Comptroller of the Currency (OCC) in December 2025 to operate as a federally chartered digital asset trust bank.

The company expanded licensing in Germany and obtained custody broker-dealer status in Dubai during 2025.

Early 2026 has brought new partnerships with SoFi and Susquehanna Crypto, as well as the launch of a derivatives business that management said generated multi-billion-dollar notional volume in its first weeks.

The company declined to provide financial guidance for 2026, citing macro volatility.

However, the gap between BitGo’s operational growth and its bottom-line losses will likely remain the central tension as the firm navigates its early quarters on the public market.

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