Cryptocurrency custody and infrastructure firm BitGo reported a net loss of $18.8 million in the second quarter, driven primarily by unrealized losses on digital asset holdings and compressed trading margins.
The financial setback occurred despite a significant 80% surge in revenue, which reached $4.3 billion for the period. While top-line growth remained robust across the firm's core business segments, valuation adjustments on digital assets held on the balance sheet and narrower spreads in its trading operations weighed heavily on the bottom line, pushing the company into the red for the quarter.
