BitGo nearly doubles Q3 profit to $44 million as adjusted EBITDA turns negative

BitGo, the crypto custodian listed in New York, reported its BitGo Q3 2026 results on 9 November. Net income rose 94.4% to $44.1 million from $22.7 million a year earlier. Adjusted EBITDA, which strips out taxes, depreciation and non-cash items, moved the other way: a $4.3 million loss against a $13.5 million profit in the third quarter of 2025, as NewsBTC noted first.

Total revenue fell 50.9% to $2.85 billion. Most of that line is crypto that BitGo sold to clients: digital asset sales brought in $2.72 billion, and the company books the full value of each sale as revenue. Direct costs of about $2.81 billion took almost all of it back, so the headline revenue tells you little about the business.

The remaining $132 million or so came from custody, staking, stablecoin and other services, and that figure gives a better sense of the company's size.

Assets fell in dollars and grew in coins

Clients held $59.9 billion on the platform at the end of September, 42.4% less than the $104 billion a year earlier. BitGo also gives a normalized figure, which revalues last year's balances at this quarter's median crypto prices. On that basis assets grew 31.9% from $45.4 billion, so lower crypto prices explain the drop.

Staking grew faster. Staked assets came to $10.5 billion against $28.6 billion a year earlier, and rose 41.1% on the normalized basis.

Other numbers for the quarter:

• 6,640 clients, up 33.1% from 4,988;
• stablecoin-as-a-service revenue of $37.4 million, up 52.5%;
• a take rate on that service of 7.7%, against 3.6% a year earlier;
• $24.7 million spent on buying back its own shares under a $50 million programme.

Trading desk and settlement

In the quarter BitGo closed its purchase of NYDIG's institutional trading business. It also extended off-exchange settlement with OKX to international clients and introduced the Global Liquidity Layer in BitGo Prime. Off-exchange settlement lets a fund trade on OKX while its coins stay in BitGo custody.

“We continued to strengthen BitGo's position as a leading institutional digital asset infrastructure platform.”

— Mike Belshe, BitGo

Quote source: BitGo Q3 2026 earnings release, 9 November 2026.

The company gave no financial guidance for the next quarter. In the second quarter BitGo still reported a net loss, so the third quarter brought it back to profit. If you hold BTGO, watch adjusted EBITDA: it shows whether the core custody business pays for itself without one-off gains.

Figures come from BitGo's earnings release filed with the SEC. The company has not explained the gap between net income and adjusted EBITDA in the release. This is company news, not investment advice.