BitGo's soaring revenue of $16.2 billion conceals a $50 million loss from its Bitcoin fund in the fourth quarter.

BTC0.46%

BitGo Holdings reported explosive revenue growth in its first financial report after its IPO, but it also faced major pressure from losses related to its Bitcoin treasury. The company reported full-year revenue in 2025 of $16.15 billion, up 424% year over year, while revenue for Q4 alone was $6.16 billion, up 440%.

However, BitGo recorded a net loss of $50 million in Q4, reversing from a profit of $129.4 million in the prior year, mainly due to a decline in the value of digital assets. For the full year, the company posted a loss of $14.8 million.

The digital asset sales segment contributed $15.6 billion in revenue, but the profit margin was only 0.21%. The number of customers doubled to 5,322, yet total assets fell 9.2%.

BTGO stock dropped sharply to $9.10 after the report. Even so, analysts continued to rate it a “Strong Buy,” with a 12-month price target of $15.61.

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