Bitgo Holdings (BTGO) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $2,851.9M, down 50.9% YoY and 34.1% QoQ as digital-asset trading weakened and sales mix shifted toward lower-margin stablecoin transactions.

• Net income was $44.1M, including a $71.5M unrealized digital-asset gain; Adjusted EBITDA was a $4.3M loss.

• Normalized Assets on Platform grew 31.9% YoY and Normalized Assets Staked grew 41.1%; the NYDIG trading-business acquisition and expanded settlement connectivity added institutional capabilities.

Financial highlights

• Revenue was $2,851.9M vs. $5,810.5M in Q3'25 and $4,329.4M in Q2'26; direct costs were $2,814.5M, down 51.1% YoY and 34.3% QoQ.

• Net income was $44.1M vs. $22.7M in Q3'25 and a $19.0M loss in Q2'26; Q3 included $71.5M of unrealized digital-asset appreciation.

• Adjusted EBITDA was a $4.3M loss vs. $13.5M profit in Q3'25 and a $4.2M loss in Q2'26; lower revenue and margins were partly offset by lower expenses.

• Operating expenses excluding direct costs were $56.6M, down 5.5% QoQ and up 10.7% YoY.

• Nine-month revenue was $10,954.8M, up 9.6% YoY; net loss was $35.6M vs. net income of $35.3M.

Outlook and guidance

• NYDIG is expected to make significant contributions in 2027 as trading expertise and client relationships are offered across a broader asset and service base.

• Non-recurring engineering revenue may return in uneven pockets; project priorities favor engineering work that can generate recurring revenue.

• Go Network revenue is not expected to be significant near term; management expects network-related trading and settlement opportunities to build over time.

• goStocks commercialization depends on regulatory approvals; distribution partnerships are being pursued for international access and collateral use.

• Available cash and revenue were expected to meet liquidity needs for at least 12 months; strategy includes institutional client growth, international expansion and tokenized-asset infrastructure.