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BitGo posts $19M Q2 loss as revenue surges and trading margins soften
BitGo reported an $18.8 million unrealized digital asset loss, and said lower spot transaction spreads and a smaller derivatives contribution weighed on profitability.
BitGo, a publicly listed digital asset infrastructure company, posted a net loss of $19 million in the second quarter of 2026 even as revenue climbed nearly 80% year over year to $4.3 billion, according to Cointelegraph.
The year over year swing to a loss was driven largely by an $18.8 million unrealized loss on digital assets, compared with a $55.8 million unrealized gain in the prior year period, Cointelegraph reported. BitGo also said its net loss narrowed from $60.7 million in Q1, while revenue rose 14.7% quarter over quarter.
On its earnings call, BitGo CEO Mike Belshe said the quarter fell short of expectations for profitability, despite revenue growth. He attributed weaker margins to lower spreads on certain spot transactions and a smaller contribution from derivatives, Cointelegraph added.
BitGo authorized a share repurchase program of up to $50 million and expects cost cutting to generate about $15 million in annualized cash savings. The company also expects expenses to decline in Q3 after cutting its workforce by about 15% in June, Cointelegraph reported.