BitGo stock rises 5% as Q3 profit jumps 94% despite revenue slump

Nov 10, 2026

BitGo shares have gained nearly 5% in regular trading as the crypto custody company reported a 51% drop in third-quarter revenue but nearly doubled its net income through gains on its digital asset holdings.

According to BitGo’s November 9 earnings release, revenue fell to $2.85 billion from $5.81 billion a year earlier, while net income rose 94.4% to $44.1 million. The company attributed the revenue decline to weaker cryptocurrency trading and a higher proportion of lower-margin stablecoin transactions.

BitGo stock gains 4.94% before earnings release

BitGo Holdings (NYSE: BTGO) closed Monday’s regular trading session at $5.10, gaining $0.24, or 4.94%, according to Google Finance.

The stock opened at $4.80 and traded between $4.74 and $5.18 during the session. Approximately 915,000 shares changed hands before the closing bell.

However, the stock slipped 1.14% in after-hours trading to $5.04 following the company’s earnings announcement. The regular-session gain occurred before BitGo released its quarterly results.

The shares have traded between $4.36 and $24.50 over the past 52 weeks, according to the market data.

BitGo reported diluted earnings of $0.36 per share for the quarter, compared with $0.15 a year earlier and a loss of $0.16 per share in the preceding quarter.

BitGo revenue falls 51% as digital asset sales weaken

For the three months ended September 30, total revenue declined 50.9% year over year and 34.1% from the second quarter’s $4.33 billion.

Digital asset sales generated $2.72 billion, accounting for most of the company’s reported revenue. However, that business declined 52% from a year earlier and 35.2% from the previous quarter.

The company attributed the improvement in net income primarily to a $71.5 million unrealized gain on its digital asset treasury.

As of September 30, BitGo held 2,399 Bitcoin worth $200.4 million on its balance sheet, alongside $143.2 million in cash and cash equivalents.

BitGo expands institutional business despite lower revenue

Despite weaker trading revenue, BitGo reported 6,640 clients, up 33.1% from 4,988 a year earlier. Its platform served approximately 1.3 million users.

Assets on the platform fell to $59.9 billion from $104 billion a year earlier, while assets staked declined to $10.5 billion from $28.6 billion.

However, after adjusting previous periods using current-quarter median cryptocurrency prices, BitGo reported increases of 31.9% in platform assets and 41.1% in staked assets.

In a separate November 9 post, he pointed to the company’s 32% normalized asset growth and 41% normalized staking growth.

BitGo reports stablecoin growth and share repurchases

Stablecoin-as-a-Service revenue reached $37.4 million, increasing 52.5% year over year, although it declined 3.8% sequentially.

The company recorded $34.5 million in stablecoin sponsor fees, leaving a 7.7% take rate compared with 3.6% a year earlier.

Staking revenue totaled $68.2 million, down 24.1% annually but up 5.4% from the previous quarter. Subscriptions and services contributed $25.6 million.

BitGo repurchased $24.7 million of common stock during the quarter under its $50 million authorization, leaving approximately $25.3 million of the authorization unused.

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Developcoins Marketview

BitGo’s latest Q3 financial results highlight the changing dynamics of the cryptocurrency market, with declining trading revenue but significant growth in net income and stablecoin services. The Developcoins team believes that increasing institutional adoption, expanding stablecoin services, and growing client demand could create new opportunities for crypto businesses. However, companies should closely monitor market volatility, digital asset performance, and revenue diversification to maintain sustainable growth in the evolving blockchain industry.