BitGo Net Income Nearly Doubles on Crypto Gains as Revenue Falls 51%

BitGo Holdings nearly doubled third-quarter net income to $44.1 million as a $71.5 million unrealized gain on crypto holdings offset an operating loss, even as revenue dropped 50.9%.

Revenue was $2.85 billion for the quarter ended Sept. 30. The decline reflected slower digital asset sales. BitGo records the full proceeds from those sales as revenue and accounts for their costs separately.

The company had a $19.2 million operating loss, compared with operating income of $3.9 million in the same quarter a year earlier. The gain on crypto holdings was unrealized, meaning it reflected an increase in asset value before a sale. Revenue after direct costs fell 32% to $37.3 million.

As of Sept. 30, BitGo held 2,399 Bitcoin (BTC) in its corporate treasury, valued at $200 million, alongside $143 million in cash and cash equivalents.