BitGo Holdings, the NYSE-listed digital asset custodian, reported on 9 November 2026 third-quarter total revenue of $2.85 billion, down 50.9% from $5.81 billion a year earlier, and net income of $44.1 million driven by gains on its own digital asset treasury, and said on 10 November it had taken a strategic position in APT, the token of the Aptos blockchain. Fintechbits’ archive shows BitGo launched BitGo Global Markets on 4 November 2026 on the back of its NYDIG trading purchase, and that its Decibel custody link in September initially covered only Ethereum and Solana assets, so the APT position announced after the BitGo Q3 results deepens a relationship that started with connectivity, not ownership.

The size of the position was not disclosed.

What the BitGo Q3 numbers show

According to the BitGo results release, total revenue fell to $2,851.9 million from $5,810.5 million, and direct costs fell almost in step to $2,814.5 million. BitGo’s gross revenue includes digital asset sales passed through to clients, so the headline figure moves with trading prices and volumes more than with BitGo’s own earnings.

Adjusted EBITDA was a loss of $4.3 million, against a profit of $13.5 million a year earlier. Net income of $44.1 million came mainly from the rise in value of BitGo’s digital asset treasury since the second quarter. BitGo also bought back $24.7 million of stock under its $50 million authorisation.

Assets on platform fell 42.4% to $59.9 billion, but on BitGo’s normalized measure, which restates prior balances at current prices, they rose 31.9%. Normalized assets staked rose 41.1% to $10.5 billion. Clients rose 33.1% to 6,640, though BitGo notes the sequential rise does not reflect clients from acquisitions.

Mike Belshe, BitGo’s chief executive, said BitGo is “positioning BitGo to provide the financial infrastructure for bringing traditional assets on-chain, beginning with tokenized equities”.

The APT position

In a separate release, BitGo said it has taken a strategic position in APT, building on its custody and staking support for Aptos assets and its self-custody wallet connection to Decibel, a decentralised exchange on Aptos. Abel Seow, BitGo’s head of APAC sales, called it “a continuation of the relationship we’ve built together”.

When Fintechbits covered the Decibel link in September, initial support covered Ethereum and Solana assets. Owning APT is a different kind of commitment: it adds token price risk to a custodian’s balance sheet.

Fintechbits analysis

Why the BitGo Q3 Report Is Better Than the Headline

The BitGo Q3 revenue fall looks alarming but says little about the business. Pass-through trading revenue swings with crypto prices, and direct costs fell by almost the same amount. The more useful measures are the normalized ones, and they show more assets and more staking on the platform despite weaker prices.

The concern is profitability. Adjusted EBITDA was negative, and net income depended on treasury gains. A custodian that earns its profit from holding crypto is more exposed to price swings than its fee model suggests. The APT position adds to that exposure, even if it buys goodwill with the Aptos ecosystem.

The strategy is coherent. BitGo is stacking trading, financing and settlement on top of custody, as Fintechbits noted when it covered BitGo Global Markets. Tokenised equities are the next bet, and the regulated trust bank is its main selling point. BitGo’s Go Network lets institutions keep assets at a national bank while trading on connected venues, which is a direct answer to the exchange counterparty losses that hurt clients in past crypto collapses.

Frequently asked questions

What were BitGo Q3 2026 revenues?

BitGo reported total revenue of $2,851.9 million for the third quarter of 2026, down 50.9% from $5,810.5 million a year earlier, with net income of $44.1 million.

Why did BitGo revenue fall?

BitGo’s revenue includes digital asset sales passed through to clients, so it moves with trading prices and volumes. Direct costs fell almost in step, to $2,814.5 million.

What is BitGo doing with Aptos?

BitGo said on 10 November 2026 that it has taken a strategic position in APT, the Aptos token, adding to custody, staking and Decibel exchange connectivity for its clients.

What to Watch Next

The line to watch in the next BitGo report is adjusted EBITDA. If fee income from trading, staking and settlement turns it positive without help from treasury gains, the BitGo Q3 shift toward a broader platform will be paying off.