Bitgo Holdings (BTGO) FY2025 results: revenue $16.2 billion, up 424.3% on the year
Bitgo Holdings, Inc. (BTGO) reported revenue of $16.2 billion for fiscal 2025, the year ended 31 December 2025, up 424.3% on the year before. Net income was -$15 million, and diluted earnings per share $-0.38. The figures are the company's own, from the 10-K it filed with the SEC on 27 March 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
- Fourth-quarter revenue grew about 440%: Fourth-quarter total revenue was $6.2 billion, up 439.9% year-over-year, with growth attributed to higher digital asset trading activity, subscription and services, Stablecoin-as-a-Service and client growth.
- Net loss in both periods: Fourth-quarter net loss was $(50.0) million against net income of $129.4 million a year earlier; full-year net loss was $(14.8) million against $156.6 million.
- Adjusted EBITDA increased year-over-year: Adjusted EBITDA was $12.1 million in the fourth quarter, up 188.0% from $4.2 million, and $32.4 million for the full year, up 904.4% from $3.2 million.
- Digital asset sales revenue rose; margin fell: Digital asset sales revenue was $6.0 billion in the fourth quarter, up 531.3% from $955.5 million, with overall margin of 0.24% against 0.34%. Full-year sales were $15.6 billion, with margin of 0.21% against 0.47%.
- Staking revenue declined; take rates moved: Staking revenue was $58.3 million in the fourth quarter, down 64.0% from $162.1 million, with take rate of 7.6% against 11.0%. Full-year staking revenue was $385.0 million, down 16.2%, with take rate of 10.5% against 8.8%.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 16,152 | 3,081 | 926 | +424.3% | |
| Operating income | 4.1 | -7.0 | -36.6 | ||
| Operating margin | 0.0% | -0.2% | -4.0% | ||
| Pre-tax income | -23.5 | 186 | -1.3 | ||
| Net income | -14.8 | 157 | -2.1 | ||
| Net margin | -0.1% | 5.1% | -0.2% | ||
| Diluted EPS | -$0.38 | $0.90 | -$0.06 |
$ million except per share.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | n/a | 10.7 | -51.1 | ||
| Depreciation and amortisation | 4.0 | 3.2 | 1.1 | +25.2% | |
| Share-based compensation | 3.4 | 2.7 | 0.9 | +26.6% | |
| Diluted shares, weighted | n/a | 52m | 30m |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 319 | 329 | 137 | -3.1% | |
| Short-term borrowings | 119 | 30.0 | n/a | +296.2% | |
| Operating lease liabilities | 4.0 | n/a | n/a | ||
| Other liabilities | 4,107 | 324 | 6,787 | +1,166.1% | |
| Total liabilities and equity | 4,549 | n/a | n/a | ||
| Fixed assets | 13.2 | n/a | n/a | ||
| Goodwill | 0.0 | n/a | n/a | ||
| Intangible assets | 1.2 | n/a | n/a | ||
| Cash and equivalents | 106 | 87.4 | 46.2 | +21.6% | |
| Receivables | 15.8 | n/a | n/a | ||
| Other assets | 4,412 | n/a | n/a | ||
| Total assets | 4,549 | 683 | 6,924 | +565.7% |
10-K for the year ended 31 December 2025, filed 27 March 2026: the filing.