BitGo Q3 profit nearly doubles on crypto gains as revenue falls 51%
BitGo’s $71 million unrealized gain on its crypto holdings helped nearly double its net income, but revenue and earnings came in below preliminary analyst expectations.
US-listed digital asset infrastructure company BitGo Holdings reported $44.1 million in third-quarter net income, nearly double a year earlier, as a rise in the value of its crypto holdings offset a $19.2 million operating loss.
The crypto custodian recorded a $71.5 million unrealized gain on digital assets in the quarter ended Sept. 30, according to its quarterly filing. A year earlier, it reported operating income of $3.9 million.
Revenue fell 51% from a year earlier to $2.85 billion as digital asset sales slowed, BitGo said Monday. The company generally records the full proceeds of those sales as revenue and accounts for the costs separately. Revenue after direct costs fell 32% to $37.3 million.
