Bitgo Holdings (BTGO) Q4 2025 earnings summary

Executive summary

• Achieved 424% year-over-year revenue growth for full year 2025, driven by digital asset sales, subscriptions, and new client growth, partially offset by lower staking revenue due to digital asset price declines.

• Client base grew 104% year-over-year to 5,322, with user count up 14% to 1.2 million.

• Completed IPO and became the first public, federally chartered digital asset infrastructure company in January 2026.

• Expanded global regulatory footprint, including OCC national bank charter and new licenses in Germany and Dubai.

• Launched derivatives trading and Stablecoin-as-a-Service, with $5B+ AUM and major clients like SoFi, Fidelity, and Susquehanna Crypto.

Financial highlights

• Q4 2025 revenue: $6.2B, up 440% year-over-year; full year revenue: $16.2B, up 424%.

• Q4 net loss: $50M vs. net income of $129.4M prior year; full year net loss: $14.8M vs. net income of $156.6M prior year, driven by unrealized losses on digital asset treasury.

• Q4 adjusted EBITDA: $12.1M, up 188% year-over-year; full year adjusted EBITDA: $32.4M, up 904%.

• Q4 diluted loss per share: $1.03; full year diluted loss per share: $0.38.

• Assets on platform: $81.6B, down 9% year-over-year; assets staked: $15.6B, down 51%.

Outlook and guidance

• Expect strong year-over-year growth in trading and subscriptions in Q1 2026, but revenue to be lower than Q4 2025 due to lower development fees.

• Staking revenue expected to decline further in Q1 2026, but take rate to improve with onboarding of new token.

• Macro environment remains challenging with digital asset price pressure and geopolitical volatility, but client pipeline and demand remain strong.

• Management confident in ability to capture near-term opportunities and grow client pipeline despite macro volatility.

• Forward-looking statements highlight expectations for continued revenue growth, product expansion, and international reach.