BitGo Holdings, Inc. reported third-quarter 2026 revenue of $2.85 billion, a 50.9% decline from the same period a year earlier, according to results released on November 9. Net income rose 94.4% to $44.1 million.
Revenue also fell 34.1% from the prior quarter, indicating the decline was not solely a year-over-year comparison effect.
Revenue decline driven by digital asset sales
BitGo attributed the revenue drop mainly to lower digital asset sales activity as trading volumes softened. Digital asset sales accounted for approximately $2.72 billion of the quarter's top line, but the margin on that activity was just $4.2 million.
Net income boosted by unrealized gain
Net income of $44.1 million included a $71.5 million unrealized gain tied to the company's treasury holdings of digital assets. That gain exceeded the entire net income figure.
Adjusted EBITDA, which strips out non-cash gains and similar items, showed a loss of $4.3 million for the quarter.
Client growth and stablecoin services expand
BitGo ended September 30, 2026, with 6,640 clients, up 33.1% from 4,988 a year earlier.
Revenue from Stablecoin-as-a-Service rose 52.5% to $37.4 million. BitGo launched the offering in March 2025, allowing businesses to issue and manage their own stablecoins through the company. The segment has become one of BitGo's more meaningful recurring revenue lines, though it remains small relative to digital asset sales.
During the quarter, BitGo closed its purchase of NYDIG's institutional trading business on August 27, 2026, for a fair value consideration of $57.7 million.
Custody assets decline
Assets on the BitGo platform fell 42.4% year-over-year to $59.9 billion. The company attributed the decline to lower digital asset prices.
The report does not break down which assets produced the $71.5 million unrealized gain, which is tied specifically to BitGo's own balance sheet and does not reflect the broader market value of client holdings.
What to watch
For investors, the quality of earnings is a central question, as profit leaning heavily on unrealized gains depends on market prices that can reverse. The low margin on digital asset sales is another pressure point: earning $4.2 million on approximately $2.72 billion in sales means small changes in trading volume or pricing can swing results.
Stablecoin-as-a-Service grew 52.5% in a quarter when overall revenue shrank by more than half. The NYDIG trading acquisition, which was included for only about a month of ownership, will be watched over the next few quarters for its contribution to revenue, margins, or client wins.
Investors will likely track whether adjusted EBITDA turns positive, whether recurring lines like stablecoin services keep growing, and how much of net income continues to come from mark-to-market gains.
