BitGo’s $16.2 Billion Revenue Surge Masks a $50 Million Bitcoin Treasury Hit in Q4

BitGo Holdings delivered explosive top-line growth in its first earnings report as a public company. However, a sharp decline in its Bitcoin treasury cast a long shadow over the results. The firm, which debuted on the New York Stock Exchange in January, reported full-year 2025 revenue of $16.15 billion, a staggering 424% increase year-on-year. BitGo’s Own Bitcoin Treasury Wiped $50 Million in Q4, Clouding a 440% Revenue Surge BitGo Holdings (BTGO) reported $16.15 billion in full-year 2025 revenue, a 424% jump from the prior year, but posted a $14.8 million net loss for the period. BitGo $BTGO reported 4Q and FY25 results – our first as a public company – this afternoon.We posted total revenue growth of 440% and 424% in the fourth quarter and full year 2025, respectively. Growth in both periods was driven by higher digital asset trading activity,… pic.twitter.com/26WnXLSXE7— BitGo (@BitGo) March 26, 2026 The results mark the crypto custodian’s first earnings release since its January 22 IPO on the New York Stock Exchange. Fourth-quarter revenue alone hit $6.16 billion, up 440% year-over-year. Bitcoin Treasury Losses Offset Record Revenue The headline growth masked a sharp profitability reversal. BitGo posted a $50 million net loss in Q4, compared to $129.4 million in net income during the same quarter of 2024. Bitgo Q4 earnings Report. Source: Bitgo The swing was driven by unrealized declines in digital asset prices that hit BitGo’s Bitcoin treasury holdings. For the full year, net loss came in at $14.8 million versus $156.6 million in net income a year earlier. Adjusted EBITDA, which strips out non-cash items like mark-to-market effects and stock-based compensation, rose 904% to $32.4 million. Digital asset sales accounted for the bulk of revenue, generating $15.6 billion for the full year with a gross margin of just 0.21%. The segment grew more than 500% but operates on razor-thin pass-through margins, raising questions about the quality of top-line growth. Clie...