Summary

  • The Block said BitGo's third-quarter revenue fell 50.9% from a year earlier to $2.85 billion.
  • The Block said BitGo's third-quarter net income rose 94% from a year earlier to $44.1 million, helped by unrealized gains of $71.5 million from an increase in the value of its digital assets.
  • It said BitGo's third-quarter adjusted EBITDA posted a loss of $4.3 million.

Forecast Trend Report by Period

BitGo, the digital-asset custody firm, saw third-quarter revenue cut roughly in half from a year earlier as digital-asset trading activity slowed.

The Block reported on Nov. 10 via X, formerly Twitter, that BitGo posted third-quarter revenue of $2.85 billion. That was down 50.9% from a year earlier and 34.1% from the previous quarter.

Net income, however, rose 94% from a year earlier to $44.1 million. The increase was driven mainly by $71.5 million in unrealized gains as the value of the company's digital-asset holdings increased.

Adjusted EBITDA was a loss of $4.3 million.

Minseung Kang