BitGo Q3 Profit Nearly Doubles as Revenue Falls 51%

Crypto custodian BitGo nearly doubled its third-quarter profit, but almost all of it came from marking up its own crypto holdings while the business itself lost money.

MoneyTurkey Crypto Desk | 10 November 2026

Key points

• BitGo Holdings reported net income of $44.1 million for the quarter to Sept. 30, nearly double a year earlier, Cointelegraph reported from the company’s quarterly filing.
• A $71.5 million unrealized gain on digital assets offset a $19.2 million operating loss; a year earlier it had operating income of $3.9 million.
• Revenue fell 51% to $2.85 billion, and revenue after direct costs fell 32% to $37.3 million.

What the numbers show

BitGo books the full proceeds of digital asset sales as revenue and accounts for the costs separately, so the headline revenue figure swings with trading volumes. Slower sales drove the 51% drop. Revenue came in 32% below the $4.2 billion consensus compiled by Zacks Investment Research, and earnings also missed, according to Cointelegraph.

The company held 2,399 bitcoin in its corporate treasury, with a fair value of $200 million as of Sept. 30, plus $143 million in cash and equivalents.

Market reaction

BitGo shares rose 4.9% on Monday to close at $5.10, according to Yahoo Finance data cited by Cointelegraph. The stock had fallen about 60% since early in the year. In June, BitGo cut about 15% of its staff to refocus on trading, stablecoins and artificial intelligence.

What to watch

• Whether BitGo’s operating loss narrows if trading volumes recover
• How much of next quarter’s profit again depends on crypto prices

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For information only. Not investment advice.

Sources

• Cointelegraph: BitGo Q3 profit nearly doubles on crypto gains as revenue falls 51%