Business
Neutral
BitGo reports higher profit and lower revenue in third quarter
Image: Crypto.newsBitGo posted a 94 percent increase in third-quarter net income to $44.1 million, despite a 51 percent drop in revenue to $2.85 billion. The profit increase relied on $71.5 million in unrealized treasury gains from digital asset holdings. Total clients grew 33 percent to 6,640. The company also repurchased $24.7 million of common stock during the quarter.
Key points
- BitGo reported a third-quarter net income of $44.1 million, which is up 94 percent from a year earlier.
- The net income increase was supported by $71.5 million in unrealized treasury gains on digital assets.
- BitGo repurchased $24.7 million of its common stock during the quarter under its $50 million authorization.
Why it matters
Custody and digital asset firms navigate shifting revenue streams between trading volumes, staking, and stablecoin services while managing treasury holdings.
Sources · 2 publishers
Blockonomi
Tier 3
BitGo (BTGO) Misses Revenue Estimate by 32% Despite Profit Jump
Coverage timeline
- First reported by Crypto.news
- Also reported by Blockonomi
- CryptoVideos brief published
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