Bitgo Holdings, Inc. (BTGO) Earnings Call Transcripts

Bitgo Holdings, Inc.'s Latest Earnings Call - Q1 FY2026

In Q1 2026, Bitgo Holdings, Inc. reported total revenue of $3.8 billion, reflecting a 113% year-over-year increase but a 39% sequential decline, primarily due to a shift from spot trading to derivatives. The company experienced a GAAP net loss of $60.7 million, which was impacted by negative mark-to-market adjustments on digital assets and elevated IPO-related expenses. Management signaled resilience in underlying business performance despite market softness, with normalized assets on platform growing 29% year-over-year, indicating potential for recovery as market conditions stabilize.

Reported metrics

Guidance from management

For Q2 2026, management expects digital asset sales revenue to remain broadly consistent with Q1 levels, with stablecoin revenue expected to grow modestly. Total expenses are anticipated to decrease from Q1 levels, driven by normalization of stock-based compensation and reduced IPO-related charges.

What management said

No. I mean we were, as Mike mentioned, very excited to extend some more product within our trading platform. We -- really strong client adoption, and we're still very -- still excited about the spot trading business. Year-over-year, we have seen tremendous growth. We did go down sequentially, and that was really just due to the fact that in Q4, we had exceptional volume from a few key clients. But overall, we're exci...

We've seen tremendous growth in number of clients utilizing our custody and wallet products, and that's somewhat of a recurring revenue stream. So that story remains very strong. But again, the big story there was in Q4, we did experience a very large volume of ecosystem projects. Excluding that, the business performed very strong year-on-year, first of all, and then also sequentially. So overall, we're still very op...

What analysts pressed on

Analysts expressed concerns about the sequential decline in subscription and services revenue, questioning the underlying strength of that business segment. There were also inquiries regarding the impact of market volatility on client trading behaviors and the sustainability of growth in the derivatives segment.

Main topics on the call

• Revenue Shift to Derivatives — Bitgo's revenue mix has shifted significantly as derivatives trading was launched in January 2026, resulting in approximately $3 billion in notional derivatives trading volume in Q1. CEO Mike Belshe noted, "the sequentia...
• Stablecoin as a Service Growth — The Stablecoin as a Service segment showed strong performance with revenue increasing 44% sequentially to $38.2 million, driven by client adoption and new partnerships. CFO Ed Reginelli highlighted that the take rate imp...
• Client Growth and Engagement — Bitgo's client base grew to 5,569, up 42% year-over-year, with 1.2 million users despite market headwinds. Management emphasized a "land-and-expand strategy" to deepen client engagement across multiple products, which is...
• Regulatory Positioning — Bitgo's OCC charter enhances its competitive position as a trusted partner for institutional clients. Belshe stated, "Our advantage is the combination of regulatory standing, security architecture and the breadth of capa...

Read the full Bitgo Holdings, Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 3 Bitgo Holdings, Inc. earnings call transcripts on record, spanning March 26, 2026 to August 12, 2026. Based on this history, Bitgo Holdings, Inc. reports quarterly. The most recent call on file is dated August 12, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

BTGO

Exchange

NYSE

Country

US

Sector

Financials

Industry

Capital Markets

Calls on record

3

First call

March 26, 2026

Most recent

August 12, 2026

Reporting cadence

quarterly