BitGo Holdings, Inc. Q4 FY2025 earnings call

Mike Belshe discussed Bitgo's mission to accelerate the digital economy transition, built institutional-grade infrastructure since inception, growth strategy including market expansion (expanding licenses globally), client growth (client base grew 104% year-over-year in 2025), product expansion (launched Stablecoin as a Service, crypto as a Service, derivatives business). Ed Reginelli detailed revenue drivers (digital asset sales, staking, subscriptions and services, Stablecoin as a Service, interest income) and financial performance details like fourth quarter and full year revenue, expenses, net loss, adjusted EBITDA, and balance sheet strength.

Bitgo's full year 2025 total revenue was $16.2 billion, a 424% increase. Digital asset sales were $15.6 billion, up 513%. Staking revenue was $385.0 million, down 16%. Subscriptions and services revenue was $121.5 million, up 57%. Stablecoin as a Service revenue totaled $66.7 million. Interest income was $1.5 million. On a normalized price basis, assets on platform grew 16% year-over-year, while assets staked decreased 7%. Digital asset sales had a take rate of ~21 basis points full year, staking fees ~11% take rate full year, Stablecoin as a Service had ~16% take rate on assets under management full year.

First quarter 2026 faces challenges with digital asset price pressure and geopolitical tensions. Underlying unit metrics healthy, client pipeline strong. Expect strong year-over-year growth in trading business in Q1 2026. Derivatives business launched, spot trading volumes down but derivatives interest up. Stablecoin as a Service assets under management exceeded $5B in Q1 2026. Subscriptions and services expected to grow year-over-year but lower than Q4 2025. Staking fees lower than Q1 2025 but take rate improvement expected.

Digital asset price volatility impacts revenue streams. Macro conditions such as geopolitical tensions in the Middle East add volatility, affecting revenue. The company is not immune to these dynamics that influence revenue generation.

Q: George Sutton asked about the CLARITY Act and client pipeline.

A: Michael Belshe said they're in favor of CLARITY passing, client pipeline is strong with many TradFi players showing interest.

Q: Brett Knoblauch asked about segments impacted by crypto prices and agentic wallets.

A: Michael Belshe said stablecoins and trade volume are less correlated to crypto prices, and Bitgo's products are well-suited for agentic wallet needs.

Q: Joseph Vafi asked about agentic moving the industry forward vs CLARITY.

A: Michael Belshe said CLARITY is awaited by traditional finance, agentic is in early phase of innovation.

Q: Brian Dobson asked about global catalysts.

A: Michael Belshe said TAM growth from regulatory unlock and traditional firms investing in digital assets is a key catalyst.

Q: Peter Christiansen asked about attach rates and competitive moat.

A: Michael Belshe and Ed Reginelli said attach rates are high with clients using multiple products, and competitive moat is strong foundation, broad asset support, and custody capabilities.

Q: Edward Engel asked about derivatives launch.

A: Michael Belshe said derivatives launched in Jan 2026, seeing strong client adoption.

Q: Brian Bedell asked about derivatives trading and prediction markets.

A: Michael Belshe discussed derivatives launch and partnership with Susquehanna for prediction markets.

Q: Dan Dolev asked about Stablecoin as a Service growth.

A: Michael Belshe said Stablecoin as a Service has significant AUM growth, with strong pipeline and potential for revolutionizing payments.

Q: Christopher Brendler asked about OCC approval and Stablecoin as a Service pipeline.

A: Michael Belshe said OCC charter has been beneficial, and there's a healthy pipeline for Stablecoin as a Service with potential impact from CLARITY Act