Digital asset infrastructure company BitGo has released its financial report for the first quarter of 2026. Although the company's revenue rose from $1.8 billion to $3.8 billion compared to the same period last year, net loss increased to $60.7 million. This is primarily attributed to a decline in the market value of Bitcoin holdings and IPO-related expenses, according to Cointelegraph.com reports .
Despite increased client activity during the reporting period, revenue fell by 38.7% compared to the fourth quarter of 2025. This was due to a shift in client preference from spot trading to derivatives trading. The company launched a derivatives product this quarter, reaching a notional volume of approximately $3 billion.
The number of institutional clients on the BitGo platform grew by 42% to 5,569, while the total number of users reached 1.2 million. While revenue from the Stablecoin-as-a-service business increased by 43.6%, staking revenue fell by 66.2% due to a decline in token prices.
The company reported holding $186.6 million in cash and 2,449 Bitcoin worth $167.1 million at the end of the quarter. Following the announcement of these financial results, BTGO shares fell 1.09% in trading to $11.78.
Other major players in the crypto industry also faced financial challenges in the first quarter of 2026. Coinbase, Exodus Movement, and major Bitcoin miners like Riot Platforms and MARA reported significant net losses amid the market downturn.
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