Crypto custody firm BitGo swung to a net loss in 2025. Exposure to digital asset prices offset strong business growth, highlighting the persistent challenge of insulating earnings from market volatility even as institutional adoption accelerates.
BitGo Swings to Loss as Crypto Exposure Undercuts Growth
27 March 2026 - 14:50 CET
By Sandmark staff
The company more than doubled its client base during the year. However, mark-to-market losses on its Bitcoin treasury weighed heavily on the bottom line.
BitGo has long positioned itself as a mature infrastructure provider in the crypto space, yet its earnings continue to show significant sensitivity to digital asset prices. While custody, staking and settlement form its core services, a large portion of revenue still comes from digital asset sales: a high-volume, low-margin business.
Competition weighs on asset sales
Adjusted EBITDA remained positive for the year, pointing to solid underlying operational performance, and revenue grew sharply, driven by higher trading activity and subscriptions, though margins on digital asset sales continued to compress amid rising competition.
The company has been expanding internationally and recently secured federal bank status from US regulators. Early 2026 initiatives, including a derivatives launch and new partnerships, signal efforts to broaden its revenue mix beyond market-linked income.
