BitGo Net Income Rises to $44M Despite 51% Revenue Drop

TL;DR BitGo reported Q3 net income of $44.1 million, up from $22.7 million a year earlier, despite total revenue falling 50.9% to $2.85 billion. The profit improvement was driven mainly by a $71.5 million unrealized gain on BitGo’s digital-asset treasury, while adjusted EBITDA remained negative at $4.3 million. Normalized assets on platform rose 31.9% year over year, clients increased 33.1%, and BitGo successfully completed its acquisition of NYDIG’s institutional trading business. BitGo reported third-quarter net income of $44.1 million even as total revenue fell 50.9% year over year to $2.85 billion. According to the official results , revenue also declined 34.1% from the previous quarter, reflecting lower digital-asset sales activity in a softer trading environment.

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