BitGo Q2 Revenue Surges 79.6% to $4.3B Despite $19M Net Loss

BitGo reports Q2 revenue of $4.3B, up 79.6% YoY, driven by stablecoin services. However, the firm posted a $19M net loss and $4.2M adjusted EBITDA loss.

Woofun AI reports that BitGo disclosed its second-quarter financial results, recording total revenue of $4.3294 billion. This figure represents a 79.6% year-on-year increase and a 14.7% quarter-on-quarter rise. Despite the top-line growth, the company incurred a net loss of $19 million, a shift from the $38.3 million net profit reported in the same period last year. Adjusted EBITDA also declined to a loss of $4.2 million.

Assets under management on BitGo's standardized platform reached $65.2 billion, marking a 31.4% year-on-year expansion. Revenue from stablecoin-as-a-service offerings grew by 148% year-on-year. The board approved a $50 million stock buyback program. As of the quarter's end, BitGo held $159 million in cash and maintained zero corporate-level debt.