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BitGo Holdings reported second-quarter revenue of $4.3 billion on Aug. 12, up 79.6% year-over-year and 14.7% sequentially, while narrowing its net loss to $19.0 million from $60.7 million in the first quarter. The company also announced that CFO Ed Reginelli will step down during the coming quarter, remaining on to manage the transition.
Digital Asset Sales, BitGo's core revenue line, brought in $4.2 billion, up 84.3% year-over-year, but the unit's margin compressed to 17 basis points from 32 basis points in the first quarter and 19 basis points a year earlier. BitGo attributed the decline to thinner spreads on spot trading and a lower mix of derivatives activity, which is booked on a net basis and carries fatter margins than the gross-recognized spot business. Staking revenue rose 30.9% sequentially to $64.7 million even as its take rate fell to 6.0% from 16.1% in the first quarter, while Stablecoin-as-a-Service revenue climbed 148% year-over-year to $38.8 million as its take rate rose to 8.0% from 2.6%. Management pointed to $15 million in annualized cost savings from a sharpened investment focus, alongside a newly authorized $50 million share buyback. BitGo ended the quarter with $159.0 million in cash, no corporate debt, and 2,523 Bitcoin worth roughly $147.7 million on its treasury balance sheet.
Alongside the results, BitGo Bank & Trust demonstrated a product called goStocks during the call. CEO Mike Belshe purchased SpaceX shares, which the OCC-regulated trust bank bought through registered broker Alpaca and tokenized one-for-one into goSPCX tokens. Belshe then pledged those tokens as collateral through BitGo Prime to draw a loan without selling the underlying shares. BitGo says the tokens carry direct ownership of the shares rather than a synthetic claim against an issuer, sit in accounts segregated from the bank's own assets, and are designed to be excluded from the bankruptcy estate if BitGo Bank & Trust becomes insolvent — a structure the company is positioning against offshore synthetic tokens, which leave holders with a creditor claim, and transfer-agent models, which confer ownership but no link to public-market liquidity.
goStocks is not yet available to clients. But the demo lands alongside earnings-call disclosures that BitGo supported DTCC's tokenized-securities demonstration after quarter-end and continues work with Canton Network and Figure, reinforcing the pitch — already visible when Ondo tokenized BitGo's own stock hours after its NYSE debut — that BitGo wants to be the custody layer underneath tokenized markets regardless of which platform ultimately wins institutional volume.
