📉 BitGo Q3 revenue falls 51%, but net income rises on reserve gains
BitGo reported third-quarter revenue of $2.85 billion, down 50.9% year over year and 34.1% quarter over quarter. The company attributed the decline mainly to weaker digital asset sales and a higher share of lower-margin stablecoin transactions. Revenue after direct costs was $37.3 million, down 32.1% year over year.
Meanwhile, net income rose to $44.1 million, up from $22.7 million in the same period last year, mainly due to $71.5 million in unrealized gains on digital asset reserves. As of September 30, the company held 2,399 BTC of its own, worth $200.4 million. It recorded an operating loss of $19.2 million and an adjusted EBITDA loss of $4.3 million for the quarter. The company also completed its acquisition of NYDIG’s institutional trading business and repurchased $24.7 million worth of common stock under a $50 million authorization.
⭐ Lower trading activity weighed on revenue tied to transaction volume, while book profits depended more heavily on price fluctuations in the company’s own Bitcoin reserves.
#BitGo #财报 #Bitcoin
BitGo reported third-quarter revenue of $2.85 billion, down 50.9% year over year and 34.1% quarter over quarter. The company attributed the decline mainly to weaker digital asset sales and a higher share of lower-margin stablecoin transactions. Revenue after direct costs was $37.3 million, down 32.1% year over year.
Meanwhile, net income rose to $44.1 million, up from $22.7 million in the same period last year, mainly due to $71.5 million in unrealized gains on digital asset reserves. As of September 30, the company held 2,399 BTC of its own, worth $200.4 million. It recorded an operating loss of $19.2 million and an adjusted EBITDA loss of $4.3 million for the quarter. The company also completed its acquisition of NYDIG’s institutional trading business and repurchased $24.7 million worth of common stock under a $50 million authorization.
⭐ Lower trading activity weighed on revenue tied to transaction volume, while book profits depended more heavily on price fluctuations in the company’s own Bitcoin reserves.
#BitGo #财报 #Bitcoin
