BitGo Posts $44M Quarterly Profit as Platform Assets Grow, But Adjusted EBITDA Stays Negative

TL;DR: BitGo reported roughly $44.1 million in third-quarter net income even as adjusted EBITDA remained negative at about $4.3 million. Assets on its platform rose to $59.9 billion on the company’s normalized measure. The headline revenue figure includes substantial direct costs, so it should not be treated like a conventional software sales number. BitGo’s third-quarter results offer a useful case study in why crypto-company earnings need more than a glance at the revenue line. The custody and infrastructure provider reported a positive net result, growing platform assets and continued expansion of its customer base. Yet one measure of ongoing profitability remained below zero.

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