BitGo Holdings reported a challenging third quarter of 2026, with revenue dropping 34.1% from the previous quarter and 50.9% year over year to $2.85 billion. The decline was driven by a sharp reduction in digital asset trading activity, as many clients held positions instead of trading after prices rose in mid-August. Despite the revenue fall, the company returned to GAAP profitability, posting a net income of $44.1 million compared to a $19 million loss in the prior quarter. However, adjusted EBITDA remained negative at $4.3 million, indicating ongoing pressure on core operating performance.
The stock reacted positively to the earnings report, rising 4.94% to $5.10 during regular trading and an additional 1.76% to $5.19 in after-hours trading. Investors appeared encouraged by the company’s balance-sheet strength and long-term product pipeline, even as core revenue weakened. The stock’s performance, however, remains far below its 52-week high of $24.50, highlighting the significant ground lost over the past year.
BitGo continued to invest in its institutional strategy, expanding its liquidity network and completing key integrations with OKX, Hyperliquid, and Decibel. The company also finalized the acquisition of NYDIG’s institutional trading business, which management expects to contribute meaningfully in 2027. Other strategic priorities include the Go Network, goStocks, and the stablecoin and payments business. The company maintained a conservative approach to mergers and acquisitions, keeping BitGo Labs at about 1% to 2% of company spending.
Chief Executive Mike Belshe emphasized the company’s long-term prospects, stating that the current environment reflects industry maturation and the rising standards of institutional clients. He described the shift as crypto’s infrastructure adapting to meet institutional needs. Chief Revenue Officer Chen Fang highlighted goStocks as a way to connect traditional ownership with on-chain markets, expanding the assets BitGo serves and deepening client relationships.