Bitgo Holdings (BTGO) investor relations material

Executive summary

• Revenue grew 79.6% year-over-year and 14.7% sequentially to $4.33 billion, driven by digital asset sales, stablecoin services, and platform expansion.

• Net loss narrowed to $19.0 million from $60.7 million in Q1 2026, reflecting lower unrealized losses and compensation expenses, but was down from net income of $38.3 million in Q2 2025.

• Adjusted EBITDA loss was $4.2 million, compared to a $1.7 million loss in Q1 2026 and a $3.0 million profit in Q2 2025, mainly due to lower margins and take rates.

• Institutional adoption accelerated, with clients on platform up 26.2% to 5,833 and normalized assets staked up 36.1% year-over-year to $11.9 billion.

• Operational discipline led to $15 million in annualized cash savings and a 15% workforce reduction in June 2026, with expanded AI use and quantum-risk management launched.

Financial highlights

• Total revenue was $4.33 billion, up 79.6% year-over-year and 14.7% sequentially.

• Digital asset sales revenue reached $4.20 billion, up 84.3% year-over-year, with margin declining to 17 bps from 32 bps in Q1.

• Staking revenue was $64.7 million, down 28.8% year-over-year but up 30.9% sequentially, with a take rate of 6%.

• Subscriptions and services revenue was $27.5 million, up 8.5% year-over-year and 7.7% sequentially.

• Stablecoin-as-a-service revenue was $38.8 million, up 148% year-over-year and 1.7% sequentially, with a take rate of 8%.

• Cash and cash equivalents stood at $159 million, with no corporate-level debt and 2,523 company-owned Bitcoin valued at $147.7 million.

Outlook and guidance

• Q3 2026 outlook assumes flat digital asset sales and staking revenue, with sequential growth in subscriptions, services, and stablecoin-as-a-service.

• Expenses excluding direct costs are expected to decline further due to workforce reduction and cost-saving initiatives.

• Management expects continued growth in institutional adoption and digital asset infrastructure demand, aiming for break-even or slight profitability in Q3.