BitGo Holdings reported fourth-quarter and full-year 2025 financial results Thursday, its first earnings release as a public company since listing on the New York Stock Exchange in January .
Full-year revenue came in at $16.15 billion, up 424% year-on-year, while Q4 revenue of $6.16 billion represented 440% growth from the same period a year earlier, according to an announcement on Thursday. Growth was driven by higher digital asset trading activity, increased subscriptions and services revenue, and the launch of Stablecoin-as-a-Service, partially offset by a decline in staking revenue. Adjusted EBITDA for the full year reached $32.4 million, up 188% year-on-year, while Q4 adjusted EBITDA was $12.1 million.
The bottom line told a different story. BitGo posted a net loss of $50 million in Q4 against net income of $129.4 million in the same period a year earlier as declines in digital asset prices weighed on the company's Bitcoin treasury holdings. For the full year, the net loss was $14.8 million, compared to net income of $156.6 million in 2024. The company said its client base more than doubled to 5,322 from 2,615 year-on-year. BitGo declined to provide an operating outlook for 2026.
The results are the company's first since its January 22 NYSE debut, where shares priced at $18 — above the proposed $15–$17 range — raising $212.8 million and valuing the company at around $2 billion. The stock surged as high as $24.50 on its first day before giving back most of those gains, closing at $18.49. By the second day of trading it had slipped below the IPO price, falling as low as $16.53, and the stock has continued to drift lower since. Nine analysts currently maintain an average "Strong Buy" rating on the stock, with a consensus 12-month price target of $15.61 — suggesting the street sees modest upside from current levels even after the post-IPO slide. Shares fell 0.5% following Thursday's earnings release.
BitGo secured OCC approval in December 2025, making it the first publicly traded, federally chartered digital asset infrastructure provider. CEO Mike Belshe framed that regulatory milestone alongside the earnings as central to the company's institutional positioning. The company also broadened its licence in Germany and obtained custody broker-dealer status in Dubai during 2025, and has since announced partnerships with Clear Street, Canary Capital, Moomoo, and WLFI following the IPO.
