BTGO (NYSE:BTGO) outlined rapid top-line growth but a swing to a net loss in its fourth-quarter and full-year 2025 results, as executives emphasized the firm’s positioning as an institutional digital-asset infrastructure provider and pointed to ongoing product expansion, regulatory milestones, and a growing client pipeline.
Leadership frames BitGo as institutional infrastructure
Founder and CEO Mike Belshe opened the company’s first earnings call as a public company by describing BitGo as an infrastructure-focused platform rather than a retail exchange. Belshe said the company provides wallets, qualified custody, trading, staking, lending, settlement, and compliance tools on a unified platform, and highlighted BitGo’s “multi-signature threshold MPC wallets” as a foundational technology.
Full-year revenue surged; net results impacted by digital asset treasury marks
CFO Edward Reginelli reported fourth-quarter total revenue of $6.2 billion, up 440% year-over-year, and full-year revenue of $16.2 billion, up 424%. Reginelli said growth was driven by higher digital asset trading activity, increased subscriptions and services revenue, and the launch of Stablecoin-as-a-Service, partially offset by a decline in staking revenue due to lower digital asset prices.
Despite the revenue growth, BitGo posted a net loss of $50.0 million in the fourth quarter versus net income of $129.4 million a year earlier. For the full year, the company reported a net loss of $14.8 million compared with net income of $156.5 million in the prior year. Reginelli attributed losses in both periods primarily to unrealized losses on the company’s digital asset treasury due to falling digital asset prices.
On a non-GAAP basis, Reginelli said fourth-quarter adjusted EBITDA was $12.1 million, up 188% year-over-year, and full-year adjusted EBITDA was $32.4 million, up 904%. Diluted loss per share was $1.03 for the quarter and $0.38 for the year, versus prior-year diluted EPS of $1.07 and $0.90, respectively.
Business mix: trading-driven revenue and expanding stablecoins, with staking pressure
Reginelli broke BitGo’s revenue model into five drivers: digital asset sales, staking, subscriptions and services, Stablecoin-as-a-Service, and interest income. The quarter and year were dominated by digital asset sales tied to trading activity.
- Digital asset sales: Q4 digital asset sales were $6.0 billion (up 531% year-over-year). Full-year digital asset sales were $15.6 billion (up 513%). Reginelli cited growth in OTC services, expansion of trading pairs, increased activity from existing clients, and an expanding client base. Digital asset sales costs were also $6.0 billion in Q4 and $15.5 billion for the year, with take rates of roughly 24 bps and 21 bps, respectively.
- Staking: Q4 staking revenue was $58.3 million, down about 64% year-over-year; full-year staking revenue was $385.0 million, down 16%. Reginelli said the declines were primarily driven by volatility in digital asset prices. Staking fees were $55.4 million in Q4 and $346 million for the year, with take rates of roughly 7% and 11%.
- Subscriptions and services: Q4 subscriptions and services revenue was $39.3 million (up 75%), and full-year was $121.5 million (up 57%), driven by client growth, development fees, and higher lending activity. Custody and wallet solution clients rose to 1,534, with an average quarterly spend of $11.1 thousand per invoiced client. The company exited the year with a lending book of approximately $207.4 million, up 114% year-over-year.
- Stablecoin-as-a-Service: Q4 revenue was approximately $26.6 million, and full-year revenue totaled $66.7 million. Reginelli reported take rates of about 20 bps in Q4 and 16 bps for the year on assets under management. Belshe said BitGo served as issuer for “USD One,” which he said grew to over $5 billion in market cap since launch, and noted SoFi’s selection of BitGo’s platform for a “SoFi USD” stablecoin.
- Interest income: Q4 interest income was $0.5 million, up 34%, and full-year interest income was $1.5 million, up 63%, which Reginelli attributed primarily to increased fiat treasury investments.
Operational metrics: client growth versus price-driven AUM declines
BitGo reported year-end assets on platform of $81.6 billion, down 9% year-over-year, and assets staked of $15.6 billion, down 51%, which management attributed to lower digital asset prices. To better reflect underlying activity, Belshe and Reginelli also discussed “price-normalized” measures that apply consistent prices across periods. On that basis, they said assets on platform rose 16% year-over-year while assets staked decreased 7%.
Client and user counts increased meaningfully. Reginelli said the number of clients grew 104% year-over-year to 5,322, and users expanded 14% to 1.2 million.
Management also discussed product attach rates. Reginelli said that about 70% of revenue-generating clients used two or more products and about 50% used three or more, as BitGo pushes clients “up the stack” toward trading, staking, and lending.
2026 outlook themes: macro pressure, derivatives rollout, and regulation
Executives said challenging macro conditions in the fourth quarter continued into the first quarter of 2026, with digital asset prices under pressure and additional volatility tied to geopolitical tensions in the Middle East. Reginelli said these dynamics directly affect BitGo’s revenue streams, though he added that unit-based metrics were healthy and the client pipeline remained strong.
BitGo launched its derivatives business in the first quarter of 2026. Belshe said the company launched derivatives on January 1 and reported “multi-billions” of trade volume in 2026 to date. Reginelli noted that as spot volumes declined from the fourth quarter amid lower prices and volatility, client interest in derivatives increased as a way to generate yield and provide downside protection, and that some spot activity is transitioning to derivatives. He also cautioned that spot volumes are reported gross while derivatives are reported net, affecting comparability.
For other first-quarter expectations, Reginelli said:
- Trading is expected to show strong year-over-year growth versus Q1 2025, though down sequentially from Q4 2025.
- Stablecoin-as-a-Service assets under management exceeded $5 billion during Q1, alongside the addition of new clients.
- Subscriptions and services should grow year-over-year but be lower than Q4 due to lower development fees, partially offset by recurring custody and wallet revenue and increased lending.
- Staking fees are expected to be significantly lower versus Q1 2025 and down sequentially from Q4, though the company anticipates a “meaningful improvement” in take rate driven by onboarding a significant token.
In the Q&A, management discussed U.S. regulatory developments, including the CLARITY Act and GENIUS Act. Belshe said he hopes CLARITY passes soon and characterized it as important for giving traditional finance firms confidence that Congress has established a durable pathway. He also said that much of the impact would come in the months after passage as regulators implement the framework.
Separately, BitGo said it entered a partnership with Susquehanna to enable clients to keep assets at BitGo and, through BitGo’s OTC capabilities, access prediction market venues Polymarket and Kalshi, though Belshe said it was early and he did not yet have performance data to share.
About BTGO (NYSE:BTGO)
BitGo Holdings Inc is the digital asset infrastructure company delivering custody, wallets, staking, trading, financing, stablecoins and settlement services from regulated cold storage. BitGo Holdings Inc is based in NEW YORK.
