BitGo Q2 Revenue Surges 79.6% to $4.33B Amid $19M Loss

BitGo reports $4.33B Q2 revenue, up 79.6% YoY, but posts $19M net loss due to $18.8M unrealized digital asset losses. AUM hits $65.2B.

Woofun AI data shows that digital asset infrastructure firm BitGo recorded second-quarter revenue of $4.33 billion, representing a 79.6% year-on-year increase and a 14.7% rise from the first quarter. Despite the revenue growth, the company reported a net loss of $19 million, contrasting with a $38.3 million profit in the same period last year, driven largely by $18.8 million in unrealized losses related to digital assets.

Total assets under management on the BitGo platform expanded by 31% to $65.2 billion, while staked assets grew by 36% to $11.9 billion. Customer count increased by 26% year-on-year to 5,833. Revenue from Stablecoin-as-a-Service rose 148% to $38.8 million, and staking-related revenue reached $64.7 million. BitGo stated it has expanded AI usage in engineering and operations, expecting annual savings of approximately $15 million through cost cuts. The company also introduced quantum risk management features for Bitcoin wallets. As of the end of June, BitGo held $159 million in cash, carried no corporate-level debt, and owned 2,523 Bitcoin coins valued at roughly $147.7 million. A stock buyback plan of up to $50 million has been approved.