BitGo Holdings achieved explosive revenue growth in its first earnings report as a public company. However, the plummeting value of Bitcoin assets cast a long shadow over its business performance.
The company, which went public on the New York Stock Exchange in January, reported full-year 2025 sales of $16.15 billion, an impressive 424% increase from the previous year.
BitGo’s own Bitcoin treasury burns through $50 million in Q4, hampering a 440% revenue surge
BitGo Holdings (BTGO) reported full-year 2025 revenue of $16.15 billion, up 424% year over year, but had a net loss of $14.8 million.
BitGo $BTGO this afternoon reported its first Q4 and FY25 financial results as a publicly traded company.
The Company recorded total revenue growth of 440% and 424% for the fourth quarter and full year of 2025, respectively. Growth in both periods was driven by increased digital asset trading activity… pic.twitter.com/26WnXLSXE7
— BitGo (@BitGo) March 26, 2026
The results mark the crypto custodian’s first earnings announcement since its January 22 IPO on the New York Stock Exchange. Fourth quarter revenue alone reached $6.16 billion, an increase of 440% year over year.
Bitcoin Treasury losses offset record gains
The headline growth masked a sharp reversal in profitability. BitGo posted a net loss of $50 million in the fourth quarter, compared to net income of $129.4 million in the same quarter in 2024.
Bitgo Q4 Earnings Report. Source: Bitgo
The move was caused by unrealized declines in digital asset prices that hit BitGo’s Bitcoin government bond holdings.
For the year, the company reported a net loss of $14.8 million, compared to net income of $156.6 million in the same period last year. Adjusted EBITDA, which excludes non-cash items such as mark-to-market effects and stock-based compensation, increased 904% to $32.4 million.
Sales of digital assets accounted for the majority of revenue, generating $15.6 billion for the year, with a gross margin of just 0.21%.
Although the division has grown over 500%, it is operating on very thin pass-through margins, raising questions about the quality of its top-line growth.
Customer base doubles, but market headwinds weigh heavily
BitGo more than doubled its client count from 2,615 to 5,322 at the end of 2024. Its platform’s users grew 14% to 1.2 million.
However, total assets on the platform decreased by 9.2% year-over-year to $81.6 billion, and assets staked decreased by 51% to $15.6 billion, reflecting a broader decline in crypto prices in the second half of 2025.
High-margin subscription and services revenue increased 57% for the year to $121.5 million.
The new service, Stablecoin-as-a-Service, contributed $66.7 million to average assets under management of $2.2 billion. Management highlighted that the division’s assets under management exceeded $5 billion in the first quarter of 2026.
“In January, BitGo became the first publicly traded digital asset infrastructure company to receive federal charter. This milestone…helps strengthen our value proposition while supporting our strategic investments…,” reads an excerpt from BitGo’s press release.
Stock price falls below IPO price
BTGO priced its IPO in January at $18 per share, above the proposed range of $15 to $17, and the shares soared to $24.50 on the first day of trading.
The bull market was short-lived. The stock price fell below its IPO price by the second day and continued to decline.
Shares fell another 8.17% in after-hours trading following Thursday’s earnings release, and were trading at $9.10 at press time.
Bitgo (BTGO) stock price performance. Source: TradingView
Nine analysts maintain an average rating of Strong Buy, with a consensus 12-month price target of $15.61.
Analyst price targets for BitGo (BTGO) stock. Source: WallSteetZen
BitGo also received approval from the Office of the Comptroller of the Currency (OCC) in December 2025 to operate as a federally chartered digital asset trust bank.
It’s the same standard. A new asset class.
Security in the digital economy should not be different from security in traditional finance. It should look exactly the same.
With OCC Charter approval, BitGo Bank & Trust, National Association has provided capital, audit, and… pic.twitter.com/um2j3D66RR
— BitGo (@BitGo) December 23, 2025
The company has expanded its license in Germany and acquired custody broker-dealer status in Dubai during 2025.
Early 2026 brought new partnerships with SoFi and Susquehanna Crypto, as well as the launch of a derivatives business, which management said generated billions of dollars in notional value in the first few weeks.
The company declined to provide financial guidance for 2026, citing macro volatility.
But the gap between BitGo’s business growth and its bottom line is likely to remain a central tension as it weathers its early quarters in the public markets.
The post BitGo’s $16.2 Billion Revenue Surge Overshadows Bitcoin Treasury’s $50 Million Hit in Q4 appeared first on BeInCrypto.
