BitGo bleeding harder despite 40% client growth in Q1 2026

Losses more than doubled even as they onboarded new clients at scale. The culprit? BTC price action crushed their treasury holdings and transaction revenue dried up during the dip.

IPO prep costs and regulatory compliance eating into margins. Classic case of growing the top line while the bottom line gets rekt.

Key takeaway: Custody giants aren't immune to market cycles. When BTC bleeds, everyone feels it - even the infrastructure plays.

Bullish long-term if they survive the gauntlet. Bear market separates builders from tourists.