Crypto custody firm BitGo has reported a significant increase in revenue for Q1 2026, but also saw its net losses more than double compared to the previous year.
The company's annual revenue rose to $3.8 billion, driven by strong growth in custody, staking and institutional trading services. However, this was not enough to offset the negative impact of declining bitcoin prices during parts of the reporting period, which reduced the value of its crypto holdings and transaction-related income.
BitGo's net loss for the latest fiscal year was $92 million, compared to a loss of $41 million in Q1 2025. The wider losses came despite significant growth in demand from institutional clients, including hedge funds, asset managers and corporate treasury clients.