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

BitGo Holdings reported $4.33 billion in second quarter revenue on Aug. 12, up 79.6% from $2.41 billion a year earlier, as digital asset sales and its stablecoin business expanded. Summary BitGo’s revenue rose 79.6% year over year to $4.33 billion, led by digital asset sales. Net loss reached $19 million, reversing $38.3 million profit, partly reflecting digital asset valuation swings. Client count grew 26% to 5,833 while normalized platform assets reached $65.2 billion during quarter. Stablecoin-as-a-Service revenue increased 148% to $38.8 million, while staking revenue fell 28.8% year over year. CFO Ed Reginelli will resign September 15, while BitGo conducts a formal search for successor. The company nevertheless recorded a $19 million net loss, compared with $38.3 million in net income a year earlier, according to its release. The loss narrowed sharply from $60.7 million in the first quarter. The results provide a more mixed picture than the headline revenue increase suggests. Most of BitGo’s revenue comes from digital asset sales that are reported on a gross basis and carry nearly matching direct costs. The quarter also brought a 15% workforce reduction, continuing internal con...