BitGo Posts $44M Quarterly Profit as Platform Assets Grow, But Adjusted EBITDA Stays Negative
BitGo reported about $44.1 million in third-quarter 2026 net income, while adjusted EBITDA was negative $4.3 million. Revenue of roughly $2.85 billion included $2.81 billion in direct costs tied to transaction-related activity, making headline revenue a poor comparison with conventional software sales. The company attributed positive net income partly to treasury-related appreciation. Normalized assets on platform increased 31.9% to $59.9 billion, normalized staked assets rose 41.1%, and BitGo reported about 6,640 clients. These growth metrics indicate wider platform activity but do not establish operating profitability or represent assets BitGo owns. Investors will be watching whether client and staking growth improves margins and recurring custody income.
