: BitGo (BTGO) reported a $19M net loss in Q2 2026 despite revenue rising 80% YoY to $4.3B, hurt by an $18.8M unrealized digital asset loss and thin margins.
BitGo reported a $19 million net loss for Q2 2026 on Aug. 12, as an $18.8 million unrealized loss on digital assets and weaker trading margins offset a near-doubling of revenue from a year earlier. The publicly listed digital asset infrastructure company posted revenue of $4.3 billion for the quarter, up nearly 80% year-on-year.
Revenue also rose 14.7% from Q1. The Q2 net loss was narrower than the $60.7 million loss the company reported in Q1.
Margins and Revenue Mix Weighed on Results
CEO Mike Belshe said on the earnings call that Q2 results came in below the company's expectations. He attributed the margin weakness to lower spreads on certain spot transactions and a reduced contribution from derivatives trading during the period.
The year-on-year shift to a loss reflected the change in unrealized digital asset results. BitGo recorded an $18.8 million unrealized loss on digital assets in Q2 2026, compared with a $55.8 million unrealized gain in the same quarter a year earlier.
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Cost Cuts and Buyback Plans Follow
Alongside the earnings release, BitGo authorized a share repurchase program of up to $50 million. The company said cost-reduction measures already underway are expected to produce about $15 million in annualized cash savings, with operating expenses projected to fall in Q3 following a workforce reduction of roughly 15% in June.
BitGo shares fell 1.8% in after-hours trading on Aug. 12 to $4.90, giving back a 0.6% gain from the regular session that had left the stock at $4.99 at the close.
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