Crypto custodian BitGo's revenue falls 51% as trading slows
Why it matters
Looking after crypto for clients pays less when markets go quiet, and stablecoin work earns thinner margins. If you rely on a listed custodian, check its operating results, not just headline profit.
Post to XThe short version
BitGo, a US company that looks after crypto for big investors, said its revenue for July to September fell about 51% from a year earlier as clients traded less, The Block reported on 10 November. Its profit still rose to $44.1m, mainly because the bitcoin it owns went up in value on paper.
Here's what happened. BitGo's third-quarter revenue fell 51% from a year earlier, The Block reported, citing the company's results. The main reason was lower sales of digital assets to clients, down 52%, in a soft trading market with more low-margin stablecoin business.
Revenue after direct costs, a better guide to what BitGo keeps, was $37.3m, down 32.1%.
So how did profit rise? Net income was $44.1m, up from $22.7m a year earlier, mostly thanks to a $71.5m paper gain on the crypto BitGo holds itself. It had 2,399 bitcoin on its balance sheet at 30 September, worth $200.4m. Its operating loss was $19.2m, The Block said.
During the quarter BitGo bought NYDIG's institutional trading business and bought back $24.7m of its own shares. Its shares, listed on the NYSE as BTGO, rose 4.94% to $5.10 on Monday.
Where this comes from
Written with AI from the sources above and checked against them before publishing. Here's how we work. This is news, not financial advice. Spotted a mistake? Tell us.
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