BitGo reported net income of approximately $44.1 million in the third quarter of 2026, while its adjusted EBITDA remained negative at about $4.3 million. Total revenue came in at roughly $2.85 billion, compared with $5.81 billion in the year-earlier quarter, but included $2.81 billion of transaction-related direct costs. BitGo partly attributed its positive GAAP net income to appreciation in treasury-related assets, which does not mean its ordinary operations generated positive cash flow. Normalized assets on the platform increased 31.9% to $59.9 billion, normalized staked assets grew 41.1%, and the company counted approximately 6,640 clients. This customer growth contrasts with negative operating profitability, making recurring custody revenue, margins and improvement in adjusted EBITDA the main issues to monitor.
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