BitGo Q1 Loss Widens as Revenue Doubles, Shares Slip
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- BitGo reported a Q1 net loss that widened despite revenue more than doubling year‑over‑year.
- BitGo's stablecoin‑as‑a‑service revenue rose 43.6% to $38.2 million, while staking revenue fell 66.2% to $49.4 million as token prices slipped.
- BitGo finished the quarter with $186.6 million in cash and a Bitcoin portfolio of 2,449 BTC worth about $167.1 million.
- BTGO shares slipped 1.09% in overnight trading to $11.78 after the earnings release.
- BitGo recently launched a portfolio‑based crypto lending platform for institutions, expanding its service suite amid a market downturn.
Why it matters: Investors see BitGo’s cash cushion offset by a widening loss, while the steep staking revenue decline highlights token‑price pressure; the sector‑wide downturn is evident in falling crypto‑stock prices and mounting losses at peers like Coinbase and mining firms.
Ask SkimNews
