<p>BitGo Holdings, Inc. A 类股（(BTGO)）已举行其 2026 年第一季度财报电话会议。请继续阅读以了解会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>BitGo Holdings, Inc. A 类股最新的财报电话会议传达了谨慎乐观的语气，结合了令人印象深刻的结构性增长和一些不太理想的短期数字。管理层强调核心客户活动的强劲增长、更好的交易经济学和稳定币的日益吸引力，尽管报告的收入环比大幅下降，且由于市场波动和一次性成本，亏损加剧。</p>
<h2>尽管光景混杂，收入同比激增</h2>
<p>BitGo 报告 2026 年第一季度总收入为 38 亿美元，同比增长 113%，得益于更大的数字资产销售业务和不断增长的稳定币即服务业务。管理层将此视为平台基础需求扩大的证据，尽管表面收入越来越受到产品组合和会计处理的影响。</p>
<h2>衍生品迅速获得关注</h2>
<p>该公司于 1 月推出了衍生品交易，并在本季度处理了约 30 亿美元的名义衍生品交易量。高管们强调，衍生品已经通过提升高利润流动性改善了交易经济学，并帮助 BitGo 从现有客户活动中获取更多价值。</p>
<h2>交易利润率显著改善</h2>
<p>整体交易利润率或净收益率在第一季度提高至 32 个基点，较去年同期的 20 个基点和第四季度的 24 个基点有所上升。管理层将衍生品的推出和更有效的交易产品货币化归功于此，认为这一利润率的扩张比简单的收入比较更能反映业务健康状况。</p>
<h2>标准化资产和质押显示出潜在增长</h2>
<p>平台上的价格标准化资产同比增长 29%，环比增长 10%，而标准化质押余额在同一时期分别增长 21% 和 27%。通过剔除代币价格波动，BitGo 强调这些指标证明客户在市场波动中仍然信任平台，投入更多资本和质押活动。</p>
<h2>客户和用户基础迅速扩展</h2>
<p>服务的客户数量增加到 5,569 家，同比增长 42%，用户基础达到 120 万。管理层将这一增长视为市场渗透加深的标志，指出机构和平台客户越来越多地将 BitGo 嵌入其工作流程中。</p>
<h2>稳定币即服务获得动力</h2>
<p>稳定币即服务的收入达到 3,820 万美元，环比增长 44%，收益率从第四季度的 5.5% 提高至 7.4%。公司指出 BitGo Mint 的推出和新的商业合作伙伴关系是主要驱动因素，认为这一业务线正在成为一个持久的高利润收入来源。</p>
<h2>合作伙伴关系和产品组合扩大覆盖面</h2>
<p>BitGo 与 21Shares 等公司扩大了合作伙伴关系，并与 OKX 集成了场外结算，同时作为一家知名稳定币发行人的主要保管人。新产品，包括 BitGo Mint 和统一融资平台，旨在简化机构结算和融资，巩固公司的关键基础设施角色。</p>
<h2>资产负债表的强劲支持投资计划</h2>
<p>公司在本季度末拥有约 1.866 亿美元的现金和 1.671 亿美元的比特币储备，管理层称之为资本轻型模型。这一财务状况旨在支持持续的产品投资，并在不进行激进外部融资的情况下支持客户的借贷和交易工作流程。</p>
<h2>环比收入下降掩盖结构性进展</h2>
<p>尽管同比大幅增长，总收入在第一季度环比下降 39%，主要由于现货交易量减少和向衍生品的转变，后者按净值报告。管理层提醒投资者，这种组合变化可能会压低报告收入，即使利润率和基础经济学有所改善。</p>
<h2>由于市值调整和补偿，亏损加剧</h2>
<p>调整后的 EBITDA 从去年同期和第四季度的正值转为 170 万美元的亏损，而 GAAP 净亏损扩大至 6070 万美元。公司将 GAAP 亏损的主要部分归因于其数字资产储备的负市值调整和与资本市场活动相关的高额股票补偿。</p>
<h2>质押收入因代币价格下跌而受挫</h2>
<p>质押收入降至 4940 万美元，同比下降 66%，环比下降 15%，尽管质押收益率有所改善，验证者组合变得更加有利。管理层强调，较低的代币价格压缩了奖励的美元价值，说明市场水平如何压倒运营收益。</p>
<h2>订阅和服务在一次性激增后恢复正常</h2>
<p>订阅和服务收入为 2560 万美元，同比增长 11%，但较第四季度下降 35%，当时一次性生态系统和实施项目显著提升了业绩。高管们将第一季度描述为更具代表性的基线，预计持续的保管和钱包关系将推动稳定增长。</p>
<h2>资产水平反映市场价格敏感性</h2>
<p>报告的资产约为 630 亿美元，报告的质押资产为 118 亿美元，由于数字资产价格下跌而在美元上出现下降。管理层强调这些表面数据与价格标准化指标之间的差异，认为投资者应关注客户行为而非短期价格波动。</p>
<h2>一次性和高昂成本对盈利能力施加压力</h2>
<p>本季度包括大约 300 万美元的一次性法律和专业费用，涉及资本市场活动，以及 1120 万美元的股票薪酬，而第四季度仅为 80 万美元。这些项目对短期盈利能力造成了压力，但公司表示这些费用应该会减轻，从而改善盈利前景。</p>
<h2>利息成本和贷款能力仍然是关键因素</h2>
<p>与客户借贷相关的利息支出增加，贷款余额约为 2 亿美元，这也影响了业绩。管理层指出，对美元借贷的需求超过了当前供应，暗示如果公司能够谨慎扩大其贷款能力，未来可能会有上行空间。</p>
<h2>指引指向稳定的市场状况和利润率关注</h2>
<p>对于第二季度，BitGo 假设数字资产市场大致保持在当前水平，并预计数字资产销售收入将与第一季度基本持平，费率和组合相似。公司预计质押收入将保持在 4940 万美元附近，订阅和服务将环比增长，稳定币即服务将适度上升，运营费用将在一次性法律和股票成本正常化后下降。</p>
<p>BitGo 的财报电话会议描绘了一个在应对数字资产市场固有波动性的同时获得真正吸引力的平台。投资者被要求超越嘈杂的收入和利润波动，关注利润率趋势、客户增长和资产负债表的强度，因为管理层押注衍生品、稳定币和机构合作伙伴关系将支撑长期价值创造。</p>

BTGO

<p>BitGo Holdings, Inc. 报告 2026 年第一季度收入为 38 亿美元，同比增长 113%，尽管环比下降 39%。公司强调客户活动和衍生品交易的强劲增长，交易量达 30 亿美元。然而，由于市场调整和补偿成本，亏损扩大至 6070 万美元。客户基础增长至 5569 个，稳定币收入增加了 44%。管理层强调尽管财务表现参差不齐，但在结构上取得了进展</p>

<p>BitGo Holdings, Inc. Class A ((BTGO)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>BitGo Holdings, Inc. A 类股（(BTGO)）已举行其 2026 年第一季度财报电话会议。请继续阅读以了解会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>BitGo Holdings, Inc. Class A’s latest earnings call struck a cautiously optimistic tone, blending impressive structural gains with some uncomfortable near‑term numbers. Management highlighted strong growth in core client activity, better trading economics and rising stablecoin traction, even as reported revenue fell sharply quarter over quarter and losses widened due to market swings and one‑time costs.</p>
<div class="lb-trans"><p>BitGo Holdings, Inc. A 类股最新的财报电话会议传达了谨慎乐观的语气，结合了令人印象深刻的结构性增长和一些不太理想的短期数字。管理层强调核心客户活动的强劲增长、更好的交易经济学和稳定币的日益吸引力，尽管报告的收入环比大幅下降，且由于市场波动和一次性成本，亏损加剧。</p>
</div><h2>Revenue Surges Year Over Year Despite Mixed Optics</h2>
<div class="lb-trans"><h2>尽管光景混杂，收入同比激增</h2>
</div><p>BitGo reported total Q1 2026 revenue of $3.8 billion, up 113% from a year earlier, powered by a larger digital asset sales business and a growing Stablecoin‑as‑a‑Service line. Management framed this as evidence that underlying demand for the platform is expanding, even though headline revenue is increasingly influenced by product mix and accounting treatment.</p>
<div class="lb-trans"><p>BitGo 报告 2026 年第一季度总收入为 38 亿美元，同比增长 113%，得益于更大的数字资产销售业务和不断增长的稳定币即服务业务。管理层将此视为平台基础需求扩大的证据，尽管表面收入越来越受到产品组合和会计处理的影响。</p>
</div><h2>Derivatives Launch Quickly Gains Traction</h2>
<div class="lb-trans"><h2>衍生品迅速获得关注</h2>
</div><p>The company launched derivatives trading in January and processed roughly $3 billion in notional derivatives volume during the quarter. Executives stressed that derivatives are already improving trading economics by boosting higher‑margin flow and helping BitGo capture more value from existing client activity.</p>
<div class="lb-trans"><p>该公司于 1 月推出了衍生品交易，并在本季度处理了约 30 亿美元的名义衍生品交易量。高管们强调，衍生品已经通过提升高利润流动性改善了交易经济学，并帮助 BitGo 从现有客户活动中获取更多价值。</p>
</div><h2>Trading Margins See Meaningful Improvement</h2>
<div class="lb-trans"><h2>交易利润率显著改善</h2>
</div><p>Overall trading margin, or net take rate, improved to 32 basis points in Q1, up from 20 basis points a year ago and 24 basis points in Q4. Management credited the derivatives rollout and more effective monetization across trading products, arguing that this margin expansion is more indicative of business health than simple revenue comparisons.</p>
<div class="lb-trans"><p>整体交易利润率或净收益率在第一季度提高至 32 个基点，较去年同期的 20 个基点和第四季度的 24 个基点有所上升。管理层将衍生品的推出和更有效的交易产品货币化归功于此，认为这一利润率的扩张比简单的收入比较更能反映业务健康状况。</p>
</div><h2>Normalized Assets and Staking Show Underlying Growth</h2>
<div class="lb-trans"><h2>标准化资产和质押显示出潜在增长</h2>
</div><p>Price‑normalized assets on the platform rose 29% year over year and 10% sequentially, while normalized staked balances increased 21% and 27% over the same periods. By stripping out token price moves, BitGo emphasized these metrics as proof that clients are entrusting more capital and staking activity to the platform regardless of market volatility.</p>
<div class="lb-trans"><p>平台上的价格标准化资产同比增长 29%，环比增长 10%，而标准化质押余额在同一时期分别增长 21% 和 27%。通过剔除代币价格波动，BitGo 强调这些指标证明客户在市场波动中仍然信任平台，投入更多资本和质押活动。</p>
</div><h2>Client and User Base Expands Rapidly</h2>
<div class="lb-trans"><h2>客户和用户基础迅速扩展</h2>
</div><p>Clients served climbed to 5,569, up 42% versus last year, and the user base reached 1.2 million. Management presented this growth as a sign of widening market penetration, noting that both institutional and platform customers are increasingly embedding BitGo into their workflows.</p>
<div class="lb-trans"><p>服务的客户数量增加到 5,569 家，同比增长 42%，用户基础达到 120 万。管理层将这一增长视为市场渗透加深的标志，指出机构和平台客户越来越多地将 BitGo 嵌入其工作流程中。</p>
</div><h2>Stablecoin‑as‑a‑Service Gains Momentum</h2>
<div class="lb-trans"><h2>稳定币即服务获得动力</h2>
</div><p>Stablecoin‑as‑a‑Service revenue reached $38.2 million, up 44% sequentially, with the take rate improving to 7.4% from 5.5% in Q4. The company pointed to the launch of BitGo Mint and new commercial partnerships as key drivers, arguing that this business line is becoming a durable, high‑margin revenue stream.</p>
<div class="lb-trans"><p>稳定币即服务的收入达到 3,820 万美元，环比增长 44%，收益率从第四季度的 5.5% 提高至 7.4%。公司指出 BitGo Mint 的推出和新的商业合作伙伴关系是主要驱动因素，认为这一业务线正在成为一个持久的高利润收入来源。</p>
</div><h2>Partnerships and Product Suite Broaden Reach</h2>
<div class="lb-trans"><h2>合作伙伴关系和产品组合扩大覆盖面</h2>
</div><p>BitGo expanded partnerships with players such as 21Shares and integrated off‑exchange settlement with OKX, while serving as primary custodian for a notable stablecoin issuer. New products, including BitGo Mint and a unified financing platform, aim to streamline institutional settlement and financing, reinforcing the firm’s role as critical infrastructure.</p>
<div class="lb-trans"><p>BitGo 与 21Shares 等公司扩大了合作伙伴关系，并与 OKX 集成了场外结算，同时作为一家知名稳定币发行人的主要保管人。新产品，包括 BitGo Mint 和统一融资平台，旨在简化机构结算和融资，巩固公司的关键基础设施角色。</p>
</div><h2>Balance Sheet Strength Supports Investment Plans</h2>
<div class="lb-trans"><h2>资产负债表的强劲支持投资计划</h2>
</div><p>The company ended the quarter with about $186.6 million in cash and $167.1 million of Bitcoin in its treasury, underpinned by what management called a capital‑light model. This financial position is intended to fund continued product investment and support client lending and trading workflows without aggressive external financing.</p>
<div class="lb-trans"><p>公司在本季度末拥有约 1.866 亿美元的现金和 1.671 亿美元的比特币储备，管理层称之为资本轻型模型。这一财务状况旨在支持持续的产品投资，并在不进行激进外部融资的情况下支持客户的借贷和交易工作流程。</p>
</div><h2>Sequential Revenue Decline Masks Structural Progress</h2>
<div class="lb-trans"><h2>环比收入下降掩盖结构性进展</h2>
</div><p>Despite the strong year‑over‑year jump, total revenue fell 39% sequentially in Q1, mainly due to reduced spot trading volumes and a shift toward derivatives, which are reported on a net basis. Management cautioned investors that this mix shift can depress reported revenue even as margins and underlying economics improve.</p>
<div class="lb-trans"><p>尽管同比大幅增长，总收入在第一季度环比下降 39%，主要由于现货交易量减少和向衍生品的转变，后者按净值报告。管理层提醒投资者，这种组合变化可能会压低报告收入，即使利润率和基础经济学有所改善。</p>
</div><h2>Losses Widen on Mark‑to‑Market and Compensation</h2>
<div class="lb-trans"><h2>由于市值调整和补偿，亏损加剧</h2>
</div><p>Adjusted EBITDA swung to a loss of $1.7 million from positive levels a year ago and in Q4, while GAAP net loss widened to $60.7 million. The company attributed the bulk of the GAAP loss to negative mark‑to‑market adjustments on its digital asset treasury and elevated stock‑based compensation tied to capital markets activity.</p>
<div class="lb-trans"><p>调整后的 EBITDA 从去年同期和第四季度的正值转为 170 万美元的亏损，而 GAAP 净亏损扩大至 6070 万美元。公司将 GAAP 亏损的主要部分归因于其数字资产储备的负市值调整和与资本市场活动相关的高额股票补偿。</p>
</div><h2>Staking Revenue Hit by Lower Token Prices</h2>
<div class="lb-trans"><h2>质押收入因代币价格下跌而受挫</h2>
</div><p>Staking revenue dropped to $49.4 million, down 66% year over year and 15% sequentially, even though staking take rates improved and validator mix became more favorable. Management underscored that lower token prices compressed the dollar value of rewards, illustrating how market levels can overpower operational gains.</p>
<div class="lb-trans"><p>质押收入降至 4940 万美元，同比下降 66%，环比下降 15%，尽管质押收益率有所改善，验证者组合变得更加有利。管理层强调，较低的代币价格压缩了奖励的美元价值，说明市场水平如何压倒运营收益。</p>
</div><h2>Subscriptions and Services Normalize After One‑Off Spike</h2>
<div class="lb-trans"><h2>订阅和服务在一次性激增后恢复正常</h2>
</div><p>Subscriptions and services revenue came in at $25.6 million, up 11% from the prior year but down 35% versus Q4, when one‑time ecosystem and implementation projects significantly boosted results. Executives described Q1 as a more representative baseline, with recurring custody and wallet relationships expected to drive steady growth.</p>
<div class="lb-trans"><p>订阅和服务收入为 2560 万美元，同比增长 11%，但较第四季度下降 35%，当时一次性生态系统和实施项目显著提升了业绩。高管们将第一季度描述为更具代表性的基线，预计持续的保管和钱包关系将推动稳定增长。</p>
</div><h2>Headline Asset Levels Reflect Market Price Sensitivity</h2>
<div class="lb-trans"><h2>资产水平反映市场价格敏感性</h2>
</div><p>Reported assets on platform of about $63 billion and reported assets staked of $11.8 billion declined in dollar terms due to lower digital asset prices. Management emphasized the difference between these headline figures and the price‑normalized metrics, arguing that investors should focus on client behavior rather than short‑term price swings.</p>
<div class="lb-trans"><p>报告的资产约为 630 亿美元，报告的质押资产为 118 亿美元，由于数字资产价格下跌而在美元上出现下降。管理层强调这些表面数据与价格标准化指标之间的差异，认为投资者应关注客户行为而非短期价格波动。</p>
</div><h2>One‑Time and Elevated Costs Pressure Profitability</h2>
<div class="lb-trans"><h2>一次性和高昂成本对盈利能力施加压力</h2>
</div><p>The quarter included roughly $3 million of one‑time legal and professional costs tied to capital markets activity and $11.2 million of stock‑based compensation versus just $0.8 million in Q4. These items weighed on near‑term profitability, but the company suggested they should ease, improving the path toward better earnings.</p>
<div class="lb-trans"><p>本季度包括大约 300 万美元的一次性法律和专业费用，涉及资本市场活动，以及 1120 万美元的股票薪酬，而第四季度仅为 80 万美元。这些项目对短期盈利能力造成了压力，但公司表示这些费用应该会减轻，从而改善盈利前景。</p>
</div><h2>Interest Costs and Loan Capacity Remain Key Factors</h2>
<div class="lb-trans"><h2>利息成本和贷款能力仍然是关键因素</h2>
</div><p>Higher interest expense associated with funding customer borrowing and lending, on a loan book of around $200 million outstanding, also impacted results. Management noted that demand for U.S. dollar borrowing outstrips current supply, hinting at potential upside if the company can prudently expand its lending capacity over time.</p>
<div class="lb-trans"><p>与客户借贷相关的利息支出增加，贷款余额约为 2 亿美元，这也影响了业绩。管理层指出，对美元借贷的需求超过了当前供应，暗示如果公司能够谨慎扩大其贷款能力，未来可能会有上行空间。</p>
</div><h2>Guidance Points to Stable Conditions and Margin Focus</h2>
<div class="lb-trans"><h2>指引指向稳定的市场状况和利润率关注</h2>
</div><p>For Q2, BitGo assumes digital asset markets stay broadly in line with current levels and expects digital asset sales revenue to be roughly flat with Q1, with similar take rates and mix. The company anticipates staking revenue to hold near $49.4 million, subscriptions and services to grow sequentially, Stablecoin‑as‑a‑Service to rise modestly, and operating expenses to decline as one‑time legal and stock‑based costs normalize.</p>
<div class="lb-trans"><p>对于第二季度，BitGo 假设数字资产市场大致保持在当前水平，并预计数字资产销售收入将与第一季度基本持平，费率和组合相似。公司预计质押收入将保持在 4940 万美元附近，订阅和服务将环比增长，稳定币即服务将适度上升，运营费用将在一次性法律和股票成本正常化后下降。</p>
</div><p>BitGo’s earnings call painted a picture of a platform gaining real traction while navigating the inherent volatility of digital asset markets. Investors are being asked to look past noisy revenue and profit swings to margin trends, client growth and balance sheet strength, as management bets that derivatives, stablecoins and institutional partnerships will underpin long‑term value creation.</p>
<div class="lb-trans"><p>BitGo 的财报电话会议描绘了一个在应对数字资产市场固有波动性的同时获得真正吸引力的平台。投资者被要求超越嘈杂的收入和利润波动，关注利润率趋势、客户增长和资产负债表的强度，因为管理层押注衍生品、稳定币和机构合作伙伴关系将支撑长期价值创造。</p>
</div>

BitGo Holdings 在利润压力下表现出强劲的增长