BitGo posts $19M Q2 loss as revenue rises 80% to $4.3B

BitGo, the publicly traded digital asset infrastructure firm, reported a $19 million net loss for the second quarter of 2026. Revenue rose nearly 80% year‑over‑year to $4.3 billion and increased 14.7% from the prior quarter. The net loss narrowed from $60.7 million in Q1.

The company reported an $18.8 million unrealized loss on digital assets in Q2, compared with a $55.8 million unrealized gain in the same quarter a year earlier. Management said that swing in unrealized gains and losses was a key factor in the year‑over‑year decline to a net loss.

CEO Mike Belshe described the quarter as falling short of expectations, pointing to lower margins and an unfavorable revenue mix. “While we delivered revenue growth, profitability was impacted by lower margins and an unfavorable revenue mix,” he added, citing narrower spreads on certain spot transactions and a smaller contribution from derivatives trading.

BitGo authorized a share repurchase program allowing buybacks of up to $50 million and outlined cost reductions it expects will save about $15 million in annualized cash expenses. The company reduced its workforce by roughly 15% in June and said it expects expenses to decline in the third quarter as those actions take effect.

Shares of BitGo fell 1.8% in overnight trading to $4.90 after closing the previous session at $4.99. The stock trades under the ticker BTGO.