BitGo Reports $44.1 Million Net Income in Q3, Total Revenue Down 50.9% Year-on-Year

BitGo has released its financial report for the third quarter of 2023, showing a net income of $44.1 million, compared to a net loss of $19 million in the previous quarter. Adjusted EBITDA showed a loss of $4.3 million. Total revenue reached $2.85 billion, down 50.9% year-on-year, primarily due to a weak cryptocurrency trading environment leading to reduced digital asset sales activity. As of September 30, the platform's assets stood at $59.9 billion, with staked assets at $10.5 billion; on a constant price basis, platform assets and staked assets grew by 32% and 41% year-on-year, respectively. During the quarter, BitGo completed the acquisition of NYDIG's institutional trading business and expanded its integration with OKX's over-the-counter settlement. The company repurchased $24.7 million in common stock. At the end of the quarter, based on the September 30 price, platform assets were valued at $83 billion, with staked assets at $16.3 billion. The company holds 2,399 of its own bitcoins, valued at $200.4 million.