BitGo, a public digital asset infrastructure company, reported a net loss of $19 million in the second quarter of 2026, despite an almost 80% year-over-year increase in revenue to $4.3 billion.
BitGo (BTGO) reported on Wednesday that its net loss narrowed from $60.7 million in the first quarter, while revenue grew 14.7% compared to the previous quarter. The shift from profit to loss on a yearly basis largely reflects an $18.8 million unrealized loss on digital assets, compared to an unrealized gain of $55.8 million a year earlier.
BitGo CEO Mike Belshe said during the quarterly earnings call that the company's financial results for the second quarter were below expectations.
"While we managed to achieve revenue growth, profitability was impacted by lower margins and an unfavorable revenue mix," Belshe said. He attributed the margin decline to "tighter spreads on certain spot transactions" and a lower contribution from derivatives.
The company also approved a share repurchase program of up to $50 million and expects cost-saving measures to provide about $15 million in annual cash savings. BitGo anticipates lower expenses in the third quarter after cutting its workforce by approximately 15% in June.
BitGo shares fell 1.8% in after-hours trading to $4.90 after closing up 0.6% on Wednesday at $4.99, according to Yahoo Finance data.
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