BitGo Q1 earnings report shows revenue up 112.6% to $3.77B

BitGo Q1 earnings report landed with a mix that tends to catch Wall Street’s attention fast: explosive revenue growth, a wider loss, and a clear bet that stablecoins and institutional crypto services are becoming central to the company’s next chapter.

The newly public crypto infrastructure firm posted $3.77 billion in first-quarter revenue, up 112.6% from $1.77 billion a year earlier. It was BitGo’s first quarterly earnings update since its January NYSE listing, giving investors an early look at how the business is performing as a public company.

What stands out first is where the money came from. Digital asset sales did most of the heavy lifting, bringing in about $3.66 billion in Q1. Meanwhile, newer lines such as stablecoin revenue and derivatives pointed to where BitGo appears to be building for future growth.

Revenue surges on digital asset sales

The biggest engine in the BitGo Q1 earnings report was digital asset sales. That segment generated about $3.66 billion in the quarter, far ahead of the company’s other business lines and underscoring how strongly trading-related activity shaped the period.

Other parts of the business added to the topline. Staking revenue reached $49.4 million, and subscription and services revenue stood at $25.6 million.

For a company fresh off a NYSE listing, that revenue mix matters. It shows BitGo is still heavily tied to core crypto market activity, but it is also trying to widen its business beyond pure trading flows. That distinction is important for public-market investors, who tend to look for both scale and durability.

Stablecoin revenue adds momentum

Stablecoin revenue was one of the clearest growth pockets in the quarter.

BitGo said its Stablecoin-as-a-Service revenue rose 43.6% quarter over quarter to $38.2 million. The company tied that increase to client adoption, new partnerships, BitGo Mint, and related stablecoin workflows.

That growth matters beyond one quarterly figure. Stablecoins have become one of the most commercially useful parts of crypto infrastructure, and BitGo is positioning itself as the back-end provider for institutions that want to issue, manage, and move these assets without building the full stack themselves.

In practice, this means BitGo is not just chasing trading volume. Instead, it is leaning into service revenue tied to stablecoins, tokenized assets, and institutional operations that could prove more strategic over time.

Losses widen despite growth

The BitGo Q1 earnings report was not a clean profitability story.

BitGo’s net loss widened to $60.7 million in Q1 from $25.7 million a year earlier, even as revenue more than doubled. The company linked the wider loss to non-cash mark-to-market changes tied to its Bitcoin treasury loss and to higher stock-based compensation after the IPO.

Adjusted EBITDA also moved in the wrong direction, with a $1.7 million loss versus a $3.9 million gain a year earlier.

Those figures help explain the tension inside the quarter. On one hand, the underlying business expanded sharply. On the other, public-company costs and Bitcoin treasury marks weighed on the bottom line. For crypto firms, that kind of split result is becoming familiar: strong operating momentum can still collide with balance-sheet volatility and listing-related expenses.

BitGo ended March with $186.6 million in cash and cash equivalents. It also held 2,449 Bitcoin valued at about $167.1 million.

That balance-sheet snapshot is worth watching. It gives the company liquidity, but it also leaves results exposed to the accounting effects of Bitcoin holdings. In other words, revenue growth and headline profit trends may not always move in the same direction.

Treasury marks and IPO compensation weigh on results

BitGo framed the wider loss as a byproduct of post-IPO realities as much as core operating weakness. That distinction matters because investors often try to separate recurring business performance from one-time or non-cash pressures.

CEO Mike Belshe said, “BitGo delivered strong underlying business performance in Q1 despite a challenging market environment.” He added that the company is investing in stablecoins and tokenized assets as institutional adoption continues.

That comment lines up with the quarter’s numbers. Revenue strength came from core activity, while the drag on earnings came from treasury marks and compensation tied to becoming a public company.

BitGo Mint and the public-market push

BitGo is using this period not just to report growth, but to expand the platform around it.

In April, the company launched BitGo Mint, a product designed to let institutions mint, redeem, and manage stablecoins within its platform. The launch came after the quarter ended, but it gives more context to the rise in stablecoin service revenue and to BitGo’s push deeper into infrastructure for large clients.

BitGo Mint started with USD1 and SoFiUSD, both supported by BitGo’s Stablecoin-as-a-Service infrastructure.

That is a meaningful move because it shifts BitGo further into the plumbing of crypto finance. Custody remains important, but institutions increasingly want integrated tools for issuance, redemption, compliance workflows, and treasury management. A product like BitGo Mint is aimed directly at that demand.

Derivatives expand the platform

The company also added a derivatives offering during Q1, and CFO Ed Reginelli said it generated about $3 billion in notional trading volume during the quarter.

He also noted an accounting wrinkle that matters when reading the numbers: derivatives revenue is booked on a net basis, while spot trading revenue is booked on a gross basis. That means direct comparisons across those businesses can be misleading, even when activity is rising.

Still, the derivatives launch is notable for a simple reason. It shows BitGo is trying to become a broader institutional crypto platform, not just a custody or execution brand. Stablecoins, derivatives, staking, and tokenized asset infrastructure all point in the same direction.

• Q1 revenue reached $3.77 billion, up 112.6% year over year
• Digital asset sales contributed about $3.66 billion, while Stablecoin-as-a-Service revenue climbed 43.6% quarter over quarter to $38.2 million
• Net loss widened to $60.7 million as Bitcoin treasury marks and IPO-related stock compensation weighed on results

Why the market will focus on the mix

For public investors, the key question is not just how much BitGo grew, but what kind of company it is becoming after the NYSE listing.

Right now, the answer looks two-sided. The business still leans heavily on digital asset sales, which delivered the vast majority of revenue in Q1. But the faster strategic signal may be coming from stablecoin services, new issuance tools, and derivatives infrastructure aimed at institutions.

That mix could shape how BitGo is valued from here. A crypto firm driven mainly by transaction-heavy revenue may be viewed differently from one that can build recurring, infrastructure-style income around stablecoins and institutional operations.

And that is the real tension running through this quarter. BitGo showed it can grow fast. Now the public market will be watching to see whether that growth can become steadier, more diversified, and less vulnerable to the swings created by treasury marks and IPO-era costs.