BitGo Holdings, Inc. Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Overview: BitGo reported revenue growth amid challenging crypto market conditions (total crypto market cap down 13% to $2.1T, Bitcoin down 14%, industry trading volumes down >20%). The company gained market share with normalized assets on platform reaching ~$65B and normalized assets staked at ~$12B (both up sequentially and YoY). Focus remained on platform expansion via "land and expand" strategy, AI-driven efficiencies, and new capabilities like quantum-resistant wallets and tokenized equities. CFO Ed Reginelli transitioning; $15M annualized cost savings expected from Q3.

Financial Highlights (vs. Q1 2026 and Q2 2025)

  • Total Revenue: $4.3B (+14.7% sequentially; +79.6% YoY)
  • Direct Costs: ~$4.3B (+15.1% seq; +80.8% YoY)
  • GAAP Net Loss: $19M (improved from $60.7M net loss in Q1; included $18.8M unrealized digital asset loss vs. $53.7M in Q1)
  • Adjusted EBITDA: -$4.2M loss (worse than -$1.7M in Q1; vs. +$3M profit YoY) due to lower margins and unfavorable mix
  • Expenses (ex-direct costs): $59.9M (-13% seq; +38.9% YoY); included $1.3M restructuring charge
  • Cash Position: $159M cash + $148M in company Bitcoin; no corporate debt; $50M share repurchase authorized

Business Performance by Offering

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Operator: Ladies and gentlemen, thank you for standing by. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the BitGo's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Thank you. And I would now like to turn the conference over to [ Rachel Dye ] Head of Investor Relations. You may begin. Unknown Executive: Thank you, and good afternoon, everyone. Our remarks today will include forward-looking statements. These include statements about our operating outlook, financial condition, business strategy, market opportunity and future plans. Actual results may differ materially from these statements. Information about risks and uncertainties appear in our SEC filings under the heading Risk Factors in our annual report on Form 10-K and our quarterly reports on Form 10-Q. The forward-looking statements we make today reflect our views only as of today. We undertake no obligation to update them, except as required by law. We will also discuss GAAP and non-GAAP financial measures. A reconciliation of each non-GAAP financial measure to the most directly comparable measure calculated in accordance with GAAP is contained in our earnings release and investor presentation, each of which is available on the Investor Relations section of our website at investors.bitgo.com. Non-GAAP measures should be considered in addition to and not as a substitute for GAAP measures. Joining me today are Mike Belshe, Co-Founder

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