Crypto custodian, BitGo, reported third-quarter revenue of $2.85 billion, down 50.9% from a year earlier and 34.1% from the previous quarter, as weaker digital asset sales and a shift toward lower-margin stablecoin transactions weighed on its business.

Revenue after direct costs fell 32.1% year-on-year to $37.3 million, while the company recorded an operating loss of $19.2 million and an adjusted EBITDA loss of $4.3 million.

Net income nevertheless rose to $44.1 million from $22.7 million a year earlier supported by a $71.5 million unrealized gain on its digital asset treasury.

BitGo held 2,399 Bitcoin worth approximately $200.4 million as of September 30 2026.

Despite weaker trading activity, normalized assets on its platform increased 32% YoY reflecting institutional growth after adjusting for digital asset price movements.

During the quarter, BitGo completed its acquisition of NYDIG’s institutional trading business and repurchased $24.7 million in shares under its $50 million buyback programme.

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

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