BitGo Holdings reported revenue of $3.77 billion in the first quarter, up 112.6% from $1.77 billion a year earlier.
summary
- BitGo’s first-quarter revenue rose 112.6%, supported by digital asset sales and growth in adoption of its stablecoin service.
- Net loss widened to $60.7 million as Bitcoin Treasuries and IPO compensation weighed on results.
- Crypto.news coverage shows that BitGo has entered the public markets as demand for stablecoins and custody grows this year.
The result marks the cryptocurrency infrastructure company’s first quarterly earnings update since its January public listing on the New York Stock Exchange.
Company He said Digital asset sales remained the main revenue driver. This unit achieved about $3.66 billion in the first quarter, while share revenues reached $49.4 million. Subscription and services revenues amounted to $25.6 million.
Net loss widens despite revenue growth
BitGo’s net loss widened to $60.7 million in the first quarter, compared to a loss of $25.7 million in the same quarter last year. The company linked the broader loss to non-cash market changes associated with its bitcoin treasury and higher stock-based compensation after the IPO.
The company also reported an adjusted EBITDA loss of $1.7 million, compared to a gain of $3.9 million in the previous year. BitGo finished March with $186.6 million in cash and cash equivalents, as well as 2,449 bitcoins worth about $167.1 million.
Stablecoins and derivatives add new revenue lines
BitGo said its stablecoin-as-a-service revenue rose 43.6% from the previous quarter to $38.2 million. The company linked the increase to customer adoption, new partnerships, BitGo Mint, and related stablecoin workflows.
Bitgo Fired BitGo Mint in April to allow institutions to mint, redeem and manage stablecoins within its platform. The product started with USD1 and SoFiUSD, both of which are powered by BitGo’s stablecoin infrastructure as a service.
The company also launched a derivatives offering during the first quarter. CFO Ed Reginelli said the product generated about $3 billion in virtual trading volume during the quarter. He added that reported revenue comparisons were not directly comparable because derivatives revenues are recorded on a net basis, while spot trading revenues are recorded on a gross basis.
BitGo’s public market push
Crypto news I mentioned Last January, BitGo targeted a valuation of $1.96 billion ahead of its IPO, with Goldman Sachs and Citigroup leading the offering. BitGo later priced shares at $18 and raised about $212.8 million.
Relevant coverage too male YZi Labs backed BitGo’s IPO as the custodian made its debut on the New York Stock Exchange. BitGo served more than 5,100 institutional customers in more than 100 countries at the time, the report said.
“BitGo delivered a strong core business performance in the first quarter despite the challenging market environment,” said CEO Mike Belschi. He added that the company is investing in stablecoins and token assets as institutional adoption continues.
