BitGo reports 94% rise in net profit as quarterly revenue halves

Revenue halves as trading activity slows

BitGo reported revenue of $2.85 billion for the third quarter of 2026, 50.9% less than in the same quarter a year earlier, according to figures published by ForkLog on 10 November 2026.

The company attributed the decline to reduced trading activity and to a larger share of stablecoin operations in its business, ForkLog reported. Stablecoins are tokens designed to hold a steady value against a currency, usually the dollar.

ForkLog describes BitGo as a crypto company. The figures reported cover total revenue and do not show how much each part of the business contributed.

Net profit rises on a revaluation gain

Net profit for the quarter rose 94.4% to $44.1 million, helped by an unrealized gain of $71.5 million from the revaluation of crypto assets, according to the report.

An unrealized gain reflects a rise in the book value of assets a company holds, rather than cash received from selling them. It can reverse if those asset values fall in a later period.

Even with the higher net profit, BitGo recorded an operating loss of $19.2 million for the quarter, the report said.

What the report leaves open

The report does not say how much of the revenue decline came from weaker trading and how much from the shift toward lower-margin stablecoin operations.

It also does not set out the company's expectations for the fourth quarter of 2026, or how it expects the mix between trading and stablecoin business to develop.