BitGo, the institutional crypto custodian that listed on the NYSE this year, posted its third-quarter 2026 results on Monday. Revenue came in at $2.85 billion, down 50.9% year over year and 34.1% from the prior quarter.

The drop came mainly from digital asset sales, which fell 52% year over year amid soft crypto trading and a larger share of lower-margin stablecoin transactions. Revenue after direct costs was $37.3 million, down 32.1%.

Net income still rose to $44.1 million from $22.7 million a year earlier, driven by a $71.5 million unrealized gain on BitGo's own treasury of 2,399 BTC (worth $200.4 million as of Sept. 30).

Operationally the company remains in the red, with an operating loss of $19.2 million and an adjusted EBITDA loss of $4.3 million. During the quarter BitGo closed the acquisition of NYDIG's institutional trading business, expanded off-exchange settlement with OKX and bought back $24.7 million of its stock.