BitGo Revenue Jumps 80% as Quarterly Loss Hits $19 Million

Founded in 2013, BitGo provides digital-asset custody, wallet, staking and liquidity services. It listed on the New York Stock Exchange on Jan. 22, 2026, raising $213 million at a valuation of about $2.1 billion. As an infrastructure provider linking institutional capital with crypto markets, its staffing and product allocations also reflect shifting industry demand.

Co-founder and CEO Mike Belshe announced on June 25, 2026, that BitGo was cutting nearly 15% of its workforce. Based on its 603 full-time employees as of Dec. 31, 2025, the move would affect about 90 people. Belshe called it a one-time adjustment and said there were no plans for further layoffs for now. Resources will be concentrated in five areas: security, trading, stablecoins, settlement and AI-driven infrastructure.

BitGo provides digital-asset custody and infrastructure services, and its results reflect institutional demand for trading and safekeeping. Revenue grew sharply in the first quarter of 2026, showing that the business continued to expand. However, Bitcoin price volatility and listing costs eroded earnings, underscoring that revenue growth at a crypto company does not necessarily mean lower financial risk.

BitGo reported first-quarter 2026 revenue of $3.8 billion, more than double the year-earlier figure, while its net loss widened to $60.7 million. The company said the loss mainly reflected unrealized losses on treasury assets caused by Bitcoin’s price decline, as well as stock-based compensation expenses related to its IPO, pressuring net assets and quarterly earnings.