BitGo Q3 Revenue Plunges 51% to $2.85 Billion as Crypto…
By Abdelaziz Fathi
AI summary of the source article
BitGo's third-quarter revenue dropped 51% year-over-year to $2.85 billion amid softer crypto trading and lower-margin stablecoin activity. Despite an operating loss, net income rose to $44.1 million due to a $71.5 million unrealized gain on its digital asset holdings.
Why it matters
The treasury effect means quarterly earnings can move substantially with crypto prices even when operating trends move in the opposite direction.
Key facts
- BitGo's Q3 revenue fell 51% year-over-year to $2.85 billion, resulting in $37.3 million in revenue after direct costs.
- A $71.5 million unrealized crypto treasury gain drove net income to $44.1 million despite an operating loss of $19.2 million.
- Client count rose 33.1% year-over-year to 6,640, and BitGo completed its acquisition of NYDIG's institutional trading operation.
Source excerpt · FinanceFeeds
BitGo reported a 51% year-over-year decline in third-quarter revenue as weaker crypto trading and a greater mix of lower-margin stablecoin transactions weighed on its digital asset sales business, while a $71.5 million unrealized gain on its own crypto holdings pushed net income sharply higher.Revenue fell to $2.85 billion for the quarter ended September 30 from $5.81 billion a year earlier and $4…