BTGO (NYSE:BTGO) Releases Earnings Results

BTGO (NYSE:BTGO) posted its quarterly earnings results on Wednesday. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.55), FiscalAI reports. The firm had revenue of $3.77 billion during the quarter. The company’s revenue was up 112.6% on a year-over-year basis.

Here are the key takeaways from BTGO’s conference call:

• BitGo said Q1 operating momentum remained strong despite softer crypto markets, with clients served up 42% year over year to 5,569 and normalized assets on platform and staked balances still growing on a price-adjusted basis.
• The company highlighted early traction in derivatives trading, which generated about $3 billion of notional volume in its first quarter and helped lift digital asset sales margin to 32 basis points.
• Stablecoin-as-a-Service was a standout growth area, with revenue up 44% sequentially and management pointing to strong partner demand, new commercial deals, and product launches like BitGo Mint and Burn Center.
• BitGo emphasized expanding institutional partnerships, including a broader relationship with 21Shares and plans with OKX for off-exchange settlement, which management framed as evidence of growing demand for regulated infrastructure.
• Reported profitability was pressured by market weakness and one-time costs, with adjusted EBITDA loss of $1.7 million and GAAP net loss of $60.7 million, though the company expects expenses to ease in Q2 as IPO-related and stock-based compensation normalizes.

BTGO Stock Down 10.7%

NYSE:BTGO traded down $1.06 during trading hours on Friday, reaching $8.81. 2,893,813 shares of the stock were exchanged, compared to its average volume of 845,619. BTGO has a twelve month low of $7.25 and a twelve month high of $24.50. The stock has a 50-day simple moving average of $10.21.

Analyst Ratings Changes

BTGO has been the topic of several recent analyst reports. The Goldman Sachs Group decreased their target price on shares of BTGO from $12.00 to $10.50 and set a “neutral” rating on the stock in a report on Friday, March 27th. Wedbush reaffirmed an “outperform” rating and set a $15.00 price target on shares of BTGO in a research report on Friday, March 27th. Weiss Ratings started coverage on BTGO in a report on Wednesday, April 15th. They issued a “sell (d)” rating on the stock. Rosenblatt Securities lowered their price objective on BTGO from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, March 27th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $15.00 target price on shares of BTGO in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $15.14.

BTGO Company Profile

BitGo Holdings Inc is the digital asset infrastructure company delivering custody, wallets, staking, trading, financing, stablecoins and settlement services from regulated cold storage. BitGo Holdings Inc is based in NEW YORK.