BitGo Prints $16B in Revenue, Still Gets Rekt by Its Own Bitcoin Treasury

BitGo Holdings dropped its first earnings report as a public company, and the numbers are... something else. The crypto custodian pulled in $16.15 billion in full-year 2025 revenue — a bonkers 424% jump year-over-year. Q4 alone brought in $6.16 billion, up 440% from the same quarter in 2024. Big numbers. Very big. If you squint, it almost looks like a legitimate business operating at scale. Almost.

But here's the twist: BitGo lost $50 million in Q4. That's a far cry from the $129.4 million net income it posted in Q4 2024. For the full year? A $14.8 million net loss versus $156.6 million in net income the prior year. The culprit? Unrealized losses on its Bitcoin treasury holdings — because of course the one asset you hold gets rekt right when you're trying to show off. Nothing says "trust us with your coins" quite like getting absolutely decimated by the exact asset you're supposed to understand better than anyone.

Adjusted EBITDA did bounce, climbing 904% to $32.4 million, but that's after stripping out all the fun mark-to-market stuff. EBITDA adjustments in crypto are like nutritional labels on energy drinks — technically accurate but missing the whole point. The real question is whether anyone actually believes these adjustments tell the full story, or if we're just waiting for the next rug pull.

The revenue driver? Digital asset sales, which generated $15.6 billion for the year. That's a 500%+ growth segment, but the gross margin on that business is a razor-thin 0.21%. We're talking volume play here — questions abound about the actual quality of that top-line growth. At 0.21%, BitGo is basically running a convenience store that makes a penny profit per $4.75 transaction. Impressive throughput, questionable business model.

Client count more than doubled to 5,322 from 2,615 at the end of 2024. Platform users ticked up 14% to 1.2 million. But total assets on platform slipped 9.2% to $81.6 billion, and staked assets got absolutely demolished — down 51% to $15.6 billion — reflecting the broader crypto price dump in late 2025. More clients, less money, way less staked. The classic growth hack: sign up everyone you can before they