BitGo Q3 revenue of $2.85 billion, down 50.9% year over year

According to TechFlow, on November 10, BitGo Holdings (NYSE: BTGO) reported its Q3 earnings for the period ended September 30: total revenue of $2.8519 billion, down 34.1% quarter over quarter and down 50.9% year over year, mainly due to a persistently weak crypto trading environment and reduced digital asset sales activity; revenue net of direct costs was $37.3 million, down 12.1% quarter over quarter and down 32.1% year over year.

Net income was $44.1 million, a significant improvement from a net loss of $19 million in Q2 and net income of $22.7 million in the same period last year, mainly driven by $71.5 million in unrealized gains on digital asset treasury during the quarter. Adjusted EBITDA was a loss of $4.3 million, compared with a loss of $4.2 million in Q2 and a profit of $13.5 million in the same period last year; operating expenses excluding direct costs were $56.6 million, down 5.5% quarter over quarter.

In operating metrics, the number of customers was 6,640, up 33.1% year over year; platform assets were $59.9 billion, valued at $83.0 billion based on September 30 prices; normalized platform assets, calculated using current quarter median prices, rose 31.9% year over year; normalized staking assets were $10.5 billion, up 41.1% year over year. The company completed the acquisition of NYDIG's institutional trading business during the quarter, expanding derivatives, structured products, and financing capabilities, and repurchased $24.7 million of common shares under a $50 million share repurchase authorization.

Source: TechFlow