BTGO Reports Rapid Revenue Growth but Net Loss in Q4 2025

Digital asset infrastructure firm BitGo emphasizes institutional focus, regulatory milestones, and product expansion

Mar. 26, 2026 at 11:35pm

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BTGO (NYSE:BTGO) outlined rapid top-line growth but a swing to a net loss in its fourth-quarter and full-year 2025 results, as executives emphasized the firm's positioning as an institutional digital-asset infrastructure provider and pointed to ongoing product expansion, regulatory milestones, and a growing client pipeline.

Why it matters

The report highlights BitGo's transition to a public company and its focus on building out its institutional-grade digital asset infrastructure, including custody, trading, staking, and stablecoin services. The results also reflect the volatility in the digital asset market, with losses driven by unrealized losses on the company's digital asset treasury.

The details

BitGo reported fourth-quarter total revenue of $6.2 billion, up 440% year-over-year, and full-year revenue of $16.2 billion, up 424%. However, the company posted a net loss of $50.0 million in the fourth quarter versus net income of $129.4 million a year earlier, and a full-year net loss of $14.8 million compared with net income of $156.5 million in the prior year. Losses were primarily attributed to unrealized losses on the company's digital asset treasury due to falling digital asset prices.

  • BitGo launched its derivatives business in the first quarter of 2026.
  • BitGo entered a partnership with Susquehanna in the first quarter of 2026 to enable clients to access prediction market venues Polymarket and Kalshi.

The players

Mike Belshe

Founder and CEO of BitGo.

Edward Reginelli

CFO of BitGo.

BitGo

An American autonomous driving company and is a subsidiary of Alphabet Inc., Google's parent company.

Susquehanna

A financial services firm that partnered with BitGo to enable client access to prediction market venues.

Polymarket

A prediction market venue that BitGo clients can now access through the partnership with Susquehanna.

Kalshi

A prediction market venue that BitGo clients can now access through the partnership with Susquehanna.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.