BitGo Holdings, Inc. Q1 FY2026 Earnings Call

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BitGo Q1 2026 Earnings Summary

Overall Performance: BitGo reported resilient underlying business momentum despite softer digital asset markets. Client count grew to 5,569 (+42% YoY), users reached 1.2 million, and normalized assets on platform rose 29% YoY / 10% QoQ (price-adjusted). Normalized staked assets grew 21% YoY / 27% QoQ. Bitcoin and Ethereum balances increased 131% YoY. The company emphasized market share gains, improved take rates, and platform expansion via a "land and expand" strategy.

Key Financial Metrics (Comparisons to Q1 2025 / Q4 2025)

  • Total Revenue: $3.8 billion (+113% YoY, -39% QoQ). Sequential decline overstated due to shift from gross spot trading to net derivatives reporting.
  • Digital Asset Sales Revenue: $3.7 billion (+128% YoY, -39% QoQ); margin improved to 32 bps (vs. 20 bps YoY, 24 bps QoQ) driven by derivatives launch.
  • Staking Revenue: $49.4 million (-66% YoY, -15% QoQ); take rate rose to 16.1% (vs. 12.5% YoY, 7.6% QoQ) from better validator mix and token onboarding.
  • Subscriptions & Services Revenue: $25.6 million (+11% YoY, -35% QoQ) – sequential drop due to fewer one-time projects vs. elevated Q4 levels.
  • Stablecoin-as-a-Service Revenue: $38.2 million (+44% QoQ); take rate improved to 7.4% (vs. 5.5% QoQ) on client adoption and partnerships.

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Operator: Hello, everyone. Thank you for joining us, and welcome to BitGo First Quarter 2026 Earnings Call. After today's prepared remarks, we will have a question and answer session. [Operator Instructions] I will now hand the call over to Rachel Dye, Head of Investor Relations. Please go ahead. Rachel Dye: Hello, everyone. Good afternoon. Thank you for joining BitGo's Q1 2026 Earnings Conference Call. Our remarks today will include forward-looking statements, including those regarding our future operating results and financial condition, such as our business strategy, market growth and objectives for future operations. Actual results may vary materially from today's statements. Information concerning risks, uncertainties and other factors that could cause these results to differ are included in our SEC filings, including those that are stated in the Risk Factors section of our annual report on Form 10-K for the year ended December 31, 2025, and in our other filings with the SEC. These forward-looking statements represent our outlook only as of the date of this call. We undertake no obligation to revise or update any forward-looking statements. Additionally, the matters we discuss today will include both GAAP and non-GAAP financial measures. Reconciliations of any non-GAAP financial measures to the most directly comparable GAAP measures are set forth in our earnings press release. Non-GAAP financial measures should be considered in addition to and not as a substitute for GAA

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