BitGo Q1 revenue hits $3.7B, up 112.6% YoY

Digital asset infrastructure firm BitGo has released its first quarterly earnings report since listing on the New York Stock Exchange (NYSE). The company's first-quarter revenue was approximately $3.77 billion, an increase of 112.6% compared to the same period last year. BitGo attributed the revenue growth to the expansion of its digital asset business and its stablecoin-as-a-service offering. However, its net loss widened to $60.7 million in the first quarter from $25.7 million a year earlier, influenced by factors including a decline in the value of its Bitcoin holdings. The company's customer base grew by 42% to 5,569. As of the end of the first quarter, BitGo reported holding 2,449 BTC and $1.86 billion in cash.