BitGo's Q3 revenue was $2.85 billion, down 50.9% year-over-year.

BitGo Holdings (NYSE: BTGO) reported third-quarter revenue of $2.8519 billion, down 34.1% quarter-over-quarter and 50.9% year-over-year, as weak crypto trading conditions curbed digital asset sales activity. Revenue net of direct costs fell 12.1% QoQ and 32.1% YoY to $37.3 million, while net income of $44.1 million reversed a $19 million loss in Q2, driven mainly by $71.5 million in unrealized gains on digital asset treasury holdings. Adjusted EBITDA was a $4.3 million loss versus a $13.5 million profit a year earlier, and operating expenses excluding direct costs fell 5.5% QoQ to $56.6 million. Client accounts rose 33.1% YoY to 6,640, platform assets stood at $59.9 billion at September 30 prices ($83 billion at current prices), and standardized staking assets grew 41.1% YoY to $10.5 billion. The company closed its acquisition of NYDIG's institutional trading business and repurchased $24.7 million of common stock under a $50 million authorization; investors will watch whether trading activity recovers and how the NYDIG deal affects derivatives and financing revenue.