BitGo Surges to $4.3B Quarterly Revenue Amid Institutional Demand
BitGo's quarterly revenue has skyrocketed to $4.33 billion, marking an impressive 80% increase from the same period last year. The company's total revenue for the second quarter reached $4.2 billion from the sale of digital assets, with stablecoin services also contributing significantly to its results.
The number of clients has increased by 26% to 5,833, while normalized assets have grown by 31% to $65.2 billion. This significant growth in institutional demand indicates that more investors are turning towards regulated crypto channels for their transactions.
Despite the impressive revenue figures, BitGo reported a net loss of $19 million due to an unrealized loss of $18.8 million related to its digital assets. The company's adjusted EBITDA also stood at a loss of $4.2 million compared to a profit of $3 million in the same period last year.