BitGo Q3 Revenue Falls 50.9% to $2.85B, Net Income $44.1M

Cointime update: BitGo Holdings (NYSE: BTGO) reported third-quarter revenue of $2.8519 billion for the period ended September 30, down 50.9% year over year and 34.1% quarter over quarter, citing a weaker crypto trading environment and lower digital asset sales activity. Revenue net of direct costs was $37.3 million. Net income reached $44.1 million, helped by $71.5 million in unrealized gains on digital asset treasury holdings, while adjusted EBITDA was a $4.3 million loss. Client count rose 33.1% to 6,640 and platform assets stood at $83 billion.