Digital asset infrastructure firm BitGo reported $4.33 billion in second-quarter revenue, up 79.6% from a year earlier and 14.7% from the first quarter. Despite the revenue increase, the company posted a net loss of $19 million for the period, compared with net income of $38.3 million in the same quarter last year. BitGo also recorded $18.8 million in unrealized losses on digital assets.
The company said assets on the BitGo platform rose 31% year over year to $65.2 billion, while staked assets increased 36% to $11.9 billion. Client count climbed 26% to 5,833. Stablecoin-as-a-Service revenue jumped 148% to $38.8 million, and staking revenue reached $64.7 million.
BitGo said it has expanded AI use across engineering and operations and expects about $15 million in annual cash savings through cost cuts. It also launched a quantum risk management feature for Bitcoin wallets. As of the end of June, the company held $159 million in cash, had no corporate-level debt, and owned 2,523 BTC worth about $147.7 million. BitGo has also approved a stock repurchase program of up to $50 million.
Digital asset infrastructure company BitGo reported second-quarter revenue of $4.33 billion, up 79.6% from a year earlier and 14.7% from the first quarter.
The company posted a net loss of $19 million for the quarter, compared with net income of $38.3 million in the same period last year. It also recorded $18.8 million in unrealized losses on digital assets.
Platform assets and business lines
Assets on the BitGo platform rose 31% year over year to $65.2 billion. Staked assets increased 36% to $11.9 billion, while the number of clients grew 26% to 5,833.
By segment, Stablecoin-as-a-Service revenue increased 148% to $38.8 million. Staking revenue came in at $64.7 million.
AI rollout, cost cuts, and product update
BitGo said it has expanded the use of AI in its engineering and operations functions. The company said cost reductions are expected to generate about $15 million in annual cash savings. It also introduced a quantum risk management feature for Bitcoin wallets.
Balance sheet and buyback plan
As of the end of June, BitGo held $159 million in cash and had no corporate-level debt. The company also held 2,523 BTC valued at about $147.7 million.
BitGo has approved a stock repurchase program of up to $50 million, according to Bitcoin.com News.
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