BitGo Posts $19M Loss Despite 80% Revenue Surge to $4.3B
BitGo reported a $19 million loss in Q2, driven by an $18.8 million unrealized digital asset loss and high direct costs that consumed 99.83% of its $4.3 billion revenue. This contrasts sharply with a net income of $38.3 million from the same period last year, highlighting challenges in maintaining profitability despite significant revenue growth.
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BitGo made $4.3 billion in revenue last quarter, but direct costs swallowed 99.8% of it
Direct costs absorbed 99.83% of segment revenue while adjusted EBITDA stayed negative and management targeted $15 million in savings. The post BitGo made $4.3 billion in revenue last quarter, but direct costs swallowed 99.8% of it appeared first on CryptoSlate .
BitGo posts $19M Q2 loss despite 80% revenue surge to $4.3B
An $18.8 million unrealized digital asset loss and weaker trading margins pushed BitGo into the red in the second quarter.
BitGo sees revenue jump 80% to $4.3 billion in Q2 but posts net loss
The firm recorded a net loss of $19 million in Q2, compared with net income of $38.3 million in the same period last year.