BlockBeats News, May 14th - Digital asset infrastructure company BitGo Holdings (NYSE: BTGO) recently released its first quarterly earnings report after going public. In the first quarter of 2026, the company's total revenue was $3.77 billion, a year-over-year increase of 112.6%, mainly driven by the expansion of its digital asset business and growth in stablecoin-as-a-service revenue.

However, GAAP net loss widened from $25.7 million in the same period last year to $60.7 million, primarily due to a non-cash fair value adjustment of approximately $53.7 million related to the bitcoin holdings, as well as increased stock-based compensation expenses associated with the IPO. Adjusted EBITDA recorded a loss of $1.7 million, compared to a profit of $3.9 million in the same period last year.

During the quarter, BitGo launched its derivatives business in January, bringing in approximately $30 billion in notional trading volume. As derivative revenue is recognized on a net basis while spot trading is recognized on a gross basis, revenue fell by 38.7% quarter-over-quarter. The number of customers increased by 42% year-over-year to 5,569. As of the end of the quarter, the company held 2,449 bitcoins and $1.866 billion in cash.