The headline revenue growth was not the market’s main question—and profitability missed. BitGo produced $4.329 billion of Q2 revenue, up 79.6% year over year and 14.7% sequentially, but reported basic and diluted EPS of $(0.16), versus a published consensus near $0.06. No reliable published revenue consensus was available, so the clearest benchmark is the earnings miss. (Financial Highlights; Income Statement)
| Metric | Q2 2026 | Q2 2025 | Q1 2026 |
|---|---|---|---|
| Revenue | $4,329.4M | $2,410.5M | $3,773.6M |
| Adjusted EBITDA | $(4.2)M | $3.0M | $(1.7)M |
| Net income (loss) | $(19.0)M | $38.3M | $(60.7)M |
| EPS | $(0.16) | $0.33 basic / $0.28 diluted | — |
| Digital asset sales margin | 17 bps | 19 bps | 32 bps |
| Staking take rate | 6.0% | 10.0% | 16.1% |
The core monetization engine deteriorated despite higher activity. Digital asset sales reached $4.2 billion, but the margin fell to 17 basis points from 32 basis points in Q1 and 19 basis points a year ago. Staking revenue rose sequentially, yet its take rate dropped sharply to 6.0% from 16.1% in Q1, while normalized assets staked grew only 3.0% sequentially. The filing therefore shows volume growth without corresponding pricing power. (Offering Results — Digital Asset Sales; Offering Results — Staking)
The more encouraging growth is coming from stablecoins, but it is still too small to offset the pressure. Stablecoin-as-a-Service revenue rose 148.0% year over year to $38.8 million, with an 8.0% take rate versus 7.4% in Q1. Client count increased 26.2% year over year to 5,833, and normalized assets on platform rose 31.4%. Those figures support the adoption story, but stablecoin revenue remains a small portion of the business compared with digital asset sales. (KPIs; Offering Results — Stablecoin-as-a-Service)
The cost actions are real, but they are a future offset rather than a Q2 solution. Management expects approximately $15 million of annualized cash savings from restructuring and investment-priority changes, while Q2 still generated a $4.2 million adjusted EBITDA loss and $36.2 million of operating cash burn in the first half. The balance sheet provides flexibility—$159.0 million of unrestricted cash, roughly $147.7 million of company-owned Bitcoin, and no corporate-level debt—but the filing does not provide updated earnings guidance to show when those savings will restore profitability. (Management Commentary; Adjusted EBITDA Reconciliation; Cash Flow Statement; Balance Sheet)
The CFO resignation adds execution risk to an already unfinished profitability transition. Edward Reginelli will resign as CFO and principal accounting officer effective September 15, 2026, with a successor search underway. The filing says there was no disagreement with the company, and he will remain in an advisory role, which limits the immediate disruption; nevertheless, the departure lands while margins are falling and management is restructuring costs. (Item 5.02 — Executive Change)
Read the original 8-K on SEC EDGAR ↗