Bitgo Holdings (BTGO) investor relations material

Executive summary

• Revenue grew 79.6% year-over-year and 14.7% sequentially to $4.33B, driven by digital asset sales, stablecoin services, and platform expansion.

• Net loss narrowed to $19M from $60.7M in Q1 2026, reflecting smaller unrealized losses and lower compensation expenses, but was down from net income of $38.3M in Q2 2025.

• Adjusted EBITDA loss was $4.2M, compared to a $1.7M loss in Q1 2026 and a $3M profit in Q2 2025, mainly due to lower margins and take rates.

• Platform assets normalized at $65.2B, with 5,833 clients (+26.2% YoY) and 1.2M users (+6.1% YoY); normalized assets staked reached $11.9B.

• Strategic cost reductions, including a 15% workforce reduction and infrastructure repatriation, are expected to yield $15M in annualized savings starting Q3.

Financial highlights

• Total Q2 revenue was $4.33B, up 14.7% sequentially and 79.6% year-over-year.

• Digital asset sales revenue was $4.2B, up 14.7% sequentially and 84.3% year-over-year, with margin declining to 17 bps from 32 bps in Q1.

• Staking revenue was $64.7M, up 30.9% sequentially but down 28.8% year-over-year, with a take rate of 6%.

• Subscriptions and services revenue was $27.5M, up 7.7% sequentially and 8.5% year-over-year.

• Stablecoin-as-a-service revenue was $38.8M, up 1.7% sequentially and 148% year-over-year, with a take rate of 8%.

• Ended Q2 with $159M in cash and cash equivalents, no corporate-level debt, and 2,523 company-owned Bitcoin valued at $147.7M.

Outlook and guidance

• Q3 outlook assumes market activity and digital asset prices remain consistent with recent levels; digital asset sales and staking revenues expected to be flat, subscriptions and stablecoin services to grow sequentially.

• Expenses (excluding direct costs) expected to decline further due to cost reduction measures.

• Goal is to approach break-even or slightly profitable adjusted EBITDA in Q3.

• Management expects continued growth in institutional adoption and digital asset infrastructure demand.