BitGo Q3 profit nearly doubles on crypto gains as revenue falls 51%
Summary
BitGo reported $44.1 million in third-quarter net income, nearly twice the year-earlier figure, largely due to a $71.5 million unrealized gain on crypto holdings. The gain offset a $19.2 million operating loss. Revenue fell 51% year over year to $2.85 billion as digital asset sales slowed, while revenue after direct costs declined 32% to $37.3 million. Both revenue and earnings missed analyst expectations. At quarter-end, BitGo held $143 million in cash and 2,399 Bitcoin valued at about $200 million. Its shares rose 4.9% Monday, though they remained down 60% for the year. The company cut about 15% of its workforce in June as it shifted focus toward trading, stablecoins and AI.
