bitgo basically printed its quarter off its own bags

71 million in unrealized gain on its crypto holdings

that line alone nearly doubled net income

the actual business went the other way

revenue fell 51%

earnings missed even the preliminary analyst bar

so the treasury did the heavy lifting

not the custody fees

and that is the trap with custodian books right now

the same holdings that flatter this quarter flip the other way when the market turns

per cointelegraph