Source time Edition date
BitGo revenue falls 51% in Q3 as trading slows; net income rises on treasury gains
BitGo第三季度收入下降51%，交易放缓；净收入因财库收益上升
BitGo's 51% revenue drop forces custody clients to weigh stablecoin volume against thinner margins, showing how trading-fee dependence now costs institutions real income.
Judgment
Institutional custody clients must decide whether to keep routing stablecoin settlement through BitGo despite a lower-margin mix, or shift volume to rivals to protect fee economics; BitGo’s capital return does not resolve that tradeoff.
Basis
BitGo said Q3 revenue was $2.85 billion, down 50.9% year over year and 34.1% sequentially, driven by lower digital asset sales, which fell 52% year-over-year and 35.2% sequentially, and a higher mix of lower-margin stablecoin transactions. After direct costs, revenue was $37.3 million, down 32.1% year over year. Net income rose to $44.1 million from $22.7 million, mainly on a $71.5 million unrealized gain on its digital asset treasury; operating loss was $19.2 million and adjusted EBITDA loss was $4.3 million. CEO Mike Belshe cited Go Network and tokenized equity initiatives.
Unclear The source does not disclose how much stablecoin transaction volume BitGo processed or how custody clients are repricing those lower-margin flows.
Next Next, check BitGo’s next quarterly filing or earnings release for whether stablecoin transaction mix and after-direct-cost revenue improve from the Q3 $37.3 million level.