Good Results Despite Difficult Crypto Backdrop; Making Slow but Steady Progress

Research evidence excerpt

Good Results Despite Difficult Crypto Backdrop; Making Slow but Steady Progress

A Closer Look at FY1Q26 (March) Results

Revenue

● Total revenue came in at $3.77 billion (up 113% y/y) below the prior period of $6.16 billion due

to a weaker crypto market environment, as well as lower digital asset sales revenue resulting

from a shift in client activity from spot trading to derivatives products despite seeing higher

digital asset sales activity and a broader contribution from Stablecoin-as-a-Service while the

sequential decline was.

● Assets on Platform (AoP) came in at $63.0 billion, well below the prior period of $81.6 billion

due to crypto asset fluctuations.

● Staking revenue came in at $49.4 million (down 66% y/y) below the prior period of $58.3 million

primarily reflecting lower underlying token prices despite seeing take rates improve to 16.1%

up from 12.5% a year ago and 7.6% in the prior quarter.

● Subscription and services revenue came in at $25.6 million (up 11% y/y) came in below the

prior period of $39.3 million reflecting a lower level of one-time ecosystem projects completed

during the quarter.

● Stablecoin revenue came in at $38.2 million, above the prior period of $26.6 million estimate

due to continued client adoption and new partnerships, including BitGo Mint and related

stablecoin workflows, while take rate improved to 7.4% from 5.5% in the prior period.

Margins

● Adjusted EBITDA came in at ($1.7) million below both the prior period of $12.1 million and our

estimate of $2.5 million reflecting weaker market conditions, approximately $3.0 million of one

time legal and professional costs associated with the IPO and other strategic initiatives, and

continued investments in product, platform and go-to-market capabilities.