BitGo Q3 2026 revenue falls 50.9% to $2.85 billion as net income nearly doubles

BitGo reported Q3 2026 revenue of $2.85 billion, down 50.9% year-over-year, even as net income nearly doubled, driven largely by unrealized gains and low-margin sales. The results underscore the custodian's vulnerability to market swings, with earnings quality increasingly tied to mark-to-market movements rather than core operations. The divergence between falling revenue and rising profit highlights how non-operating gains can mask underlying business pressure. Investors will watch whether BitGo can build sustainable growth in higher-margin custody and infrastructure services to offset volatile trading-related revenue.