{
  "id": 19312816,
  "title": "BitGo Q3 profit nearly doubles on crypto gains as revenue falls 51%",
  "url": "https://urgent.news/2026/11/10/bitgo-q3-profit-nearly-doubles-on-crypto-gains-as-revenue-falls-51",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-10T09:05:16.000Z",
  "source": {
    "name": "Cointelegraph",
    "slug": "cointelegraph",
    "url": "https://cointelegraph.com/news/bitgo-q3-2026-earnings-crypto-treasury-gains"
  },
  "original_language": "en",
  "account": "Digital asset infrastructure firm BitGo reported a nearly doubled net income of $44.1 million in Q3 2023, driven by a $71.5 million increase in the value of its cryptocurrency holdings. However, the company's revenue fell 51% year-over-year to $2.85 billion, falling short of analysts' expectations. BitGo's crypto custodian business recorded a $71.5 million unrealized gain in the quarter, up from an operating income of $3.9 million a year earlier. Revenue after direct costs declined 32% to $37.3 million, missing Wall Street estimates by 32%. Despite the revenue decline, BitGo's shares rose 4.9% to $5.10, reversing a 60% decline since early in the year. As of September 30, the company held $143 million in cash and 2,399 Bitcoin with a fair value of $200 million. In June, BitGo laid off about 15% of its workforce to refocus on trading, stablecoins, and artificial intelligence, as well as purchasing NYDIG's trading arm to expand its institutional crypto offerings.",
  "summary": "BitGo’s $71 million unrealized gain on its crypto holdings helped nearly double its net income, but revenue and earnings came in below preliminary analyst expectations.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}