$BTGO Q2 2026 earnings: Record Revenue Hides Collapsing Unit Economics BitGo reported a massive 80% YoY revenue surge to $4.3 billion in Q2, but the top-line explosion is a mirage of empty-calorie volume. Despite sequential revenue growth of 15%, Gross Profit actually declined to $42.5 million, and Adjusted EBITDA sank deeper into negative territory at $(4.2) million. The culprit? A severe collapse in unit economics across both the trading and staking segments, completely reversing the structural improvements touted by management just one quarter ago. Facing deteriorating profitability, the company is pivoting to defense: announcing $15 million in annualized cost cuts, a $50 million buyback, and an abrupt CFO transition. While institutional asset gathering remains a bright spot, the core business model is currently bleeding margin. Full article with charts - link in bio 🐂 𝐁𝐮𝐥𝐥 𝐂𝐚𝐬𝐞 • 𝐏𝐥𝐚𝐭𝐟𝐨𝐫𝐦 𝐒𝐭𝐢𝐜𝐤𝐢𝐧𝐞𝐬𝐬 𝐚𝐧𝐝 𝐀𝐬𝐬𝐞𝐭 𝐆𝐚𝐭𝐡𝐞𝐫𝐢𝐧𝐠 — Stripping out crypto price volatility, 'Normalized' Assets on Platform surged 31% YoY to $65.2 billion. The company grew its client base by 26% YoY to 5,833, proving its 'land and expand' custody strategy is still winning institutional market share. • 𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐏𝐫𝐨𝐟𝐢𝐭 𝐄𝐧𝐠𝐢𝐧𝐞 — Stablecoin-as-a-Service revenue grew 148% YoY to $38.8 million. More importantly, the take rate expanded sequentially from 7.4% to 8.0%, providing a crucial, high-margin revenue anchor while trading margins compress. 🐻 𝐁𝐞𝐚𝐫 𝐂𝐚𝐬𝐞 • 𝐔𝐧𝐢𝐭 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬 𝐚𝐫𝐞 𝐄𝐯𝐚𝐩𝐨𝐫𝐚𝐭𝐢𝐧𝐠 — Digital Asset Sales margins plummeted to just 17 basis points (down from 32 bps in Q1), and staking take rates collapsed to 6.0% (down from 16.1% in Q1). The company is working exponentially harder just to generate less gross profit. • 𝐄𝐱𝐞𝐜𝐮𝐭𝐢𝐯𝐞 𝐈𝐧𝐬𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐀𝐦𝐢𝐝𝐬𝐭 𝐂𝐨𝐬𝐭 𝐂𝐮𝐭𝐬 — CFO Ed Reginelli is transitioning out exactly as the company posts an EBITDA loss and initiates $15 million in restructuring and cost reductions. This timing raises major red flags regarding internal alignment and near-term visibility. ⚖️ 𝐕𝐞𝐫𝐝𝐢𝐜𝐭: 🔴 Bearish. Headline revenue numbers are irrelevant when direct costs consume 99% of the intake. The sudden breakdown in core segment margins, coupled with an unexpected CFO exit, overshadows the genuine progress made in stablecoins and institutional asset gathering. 𝐊𝐞𝐲 𝐓𝐡𝐞𝐦𝐞𝐬 🔴🔴 𝐓𝐡𝐞 𝐐𝟏 𝐌𝐚𝐫𝐠𝐢𝐧 𝐍𝐚𝐫𝐫𝐚𝐭𝐢𝐯𝐞 𝐔𝐧𝐫𝐚𝐯𝐞𝐥𝐬 [NEW] In Q1, management heavily promoted a structural shift in profitability: pushing trading to higher-margin derivatives and staking to proprietary nodes. The Q2 results brutally contradict this narrative. The Staking take rate collapsed from 16.1% to 6.0% due to 'client mix', while Digital Asset Sales margins compressed from 32 bps to 17 bps due to a 'lower mix of derivatives activity'. This extreme quarter-to-quarter whiplash suggests BitGo has very little control over its product mix and lacks durable pricing power. 🔴 𝐂𝐅𝐎 𝐃𝐞𝐩𝐚𝐫𝐭𝐮𝐫𝐞 𝐓𝐫𝐢𝐠𝐠𝐞𝐫𝐬 𝐀𝐥𝐚𝐫𝐦 𝐁𝐞𝐥𝐥𝐬 [NEW] CFO Ed Reginelli is stepping down during a critical juncture. His exit coincides with the company printing an Adjusted EBITDA loss, experiencing severe margin compression, and announcing $15 million in annualized cash savings through 'sharpened investment priorities.' Executive transitions during restructuring phases historically signal deeper internal friction regarding capital allocation or missing financial targets. 🟢 𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧-𝐚𝐬-𝐚-𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐢𝐬 𝐭𝐡𝐞 𝐂𝐫𝐨𝐰𝐧 𝐉𝐞𝐰𝐞𝐥 While trading and staking faltered, Stablecoin-as-a-Service proved its worth. Revenue hit $38.8 million (up 148% YoY). Take rates actually accelerated to 8.0%, compared to 7.4% in Q1 and 2.6% a year ago. Driven by fixed monthly fees and higher reserve balances from newly supported programs, this segment is quickly becoming the most reliable gross margin contributor in the portfolio. 🟢 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐚𝐥 '𝐋𝐚𝐧𝐝 𝐚𝐧𝐝 𝐄𝐱𝐩𝐚𝐧𝐝' 𝐢𝐬 𝐖𝐨𝐫𝐤𝐢𝐧𝐠 BitGo's core value proposition—regulated, institutional-grade custody—continues to capture market share. The platform added roughly 1,200 clients YoY (a 26% increase to 5,833). Normalized Assets on Platform (which strip out the negative impact of dropping crypto prices) grew 31% YoY to $65.2 billion. This proves the underlying plumbing is experiencing robust inflows, even if monetization of those flows was poor this quarter. 🟢🟢 𝐌𝐚𝐜𝐫𝐨 𝐓𝐚𝐢𝐥𝐰𝐢𝐧𝐝𝐬: 𝐓𝐫𝐚𝐝𝐅𝐢 𝐓𝐨𝐤𝐞𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐀𝐜𝐜𝐞𝐥𝐞𝐫𝐚𝐭𝐢𝐧𝐠 [NEW] Management highlighted a significant acceleration in the tokenization of traditional financial markets. Following quarter-end, BitGo provided the regulated custody infrastructure for DTCC's demonstration of tokenized securities. Positioned alongside their work with Canton Network and Figure, BitGo is successfully entrenching itself as the default, non-exchange infrastructure layer for Wall Street's blockchain experiments. 🟢 𝐐𝐮𝐚𝐧𝐭𝐮𝐦-𝐑𝐢𝐬𝐤 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐑𝐨𝐥𝐥𝐨𝐮𝐭 [NEW] BitGo launched quantum-risk management capabilities for its Bitcoin wallets. While early, this specific technological innovation cements their position at the high end of the institutional security market, creating a defensive moat against newer custody entrants and justifying premium pricing for their foundational subscriptions. ⚪ 𝐓𝐫𝐞𝐚𝐬𝐮𝐫𝐲 𝐕𝐨𝐥𝐚𝐭𝐢𝐥𝐢𝐭𝐲 𝐂𝐨𝐧𝐭𝐢𝐧𝐮𝐞𝐬 𝐭𝐨 𝐃𝐫𝐚𝐠 𝐄𝐚𝐫𝐧𝐢𝐧𝐠𝐬 BitGo holds 2,523 company-owned Bitcoin ($147.7 million fair value). A quarter-over-quarter drop in digital asset prices resulted in an $18.8 million unrealized mark-to-market loss. While non-cash, this exposes the company's GAAP bottom line directly to macro crypto volatility, muddying the operational narrative and ensuring EPS will remain highly erratic. 𝐎𝐭𝐡𝐞𝐫 𝐊𝐏𝐈𝐬 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 (𝟐𝟔𝐐𝟐): $27.5 million Accelerating sequentially. Up 7.7% from Q1, driven by continued client growth and project-based ecosystem implementation work. This is highly valuable, recurring revenue that helps stabilize the violent swings seen in the trading and staking segments. 𝐁𝐚𝐥𝐚𝐧𝐜𝐞 𝐒𝐡𝐞𝐞𝐭 & 𝐋𝐢𝐪𝐮𝐢𝐝𝐢𝐭𝐲 (𝟐𝟔𝐐𝟐): $159.0 million cash Stable. The company maintains $159.0 million in cash and cash equivalents and carries zero corporate-level debt. Combined with $147.7 million in Bitcoin treasury holdings, the balance sheet provides ample runway to execute the $50 million share repurchase program while funding the pivot toward stablecoins and tokenization. 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞 𝐀𝐧𝐧𝐮𝐚𝐥𝐢𝐳𝐞𝐝 𝐂𝐨𝐬𝐭 𝐒𝐚𝐯𝐢𝐧𝐠𝐬 𝐑𝐮𝐧-𝐑𝐚𝐭𝐞: $15.0 million Management announced a sharpening of investment priorities and a strengthening of the operating model. This defensive maneuver is a direct response to the Adjusted EBITDA losses seen in H1 2026, aimed at halting the cash burn and adjusting the cost structure to match the new, lower-margin reality of the trading segment. 𝐒𝐡𝐚𝐫𝐞 𝐑𝐞𝐩𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐀𝐮𝐭𝐡𝐨𝐫𝐢𝐳𝐚𝐭𝐢𝐨𝐧: Up to $50.0 million A new authorization representing a significant capital return program for a recently public company. Utilizing roughly 30% of current cash on hand, management is attempting to signal confidence in the long-term equity value despite the severe near-term margin compression and executive turnover. 𝐊𝐞𝐲 𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐒𝐭𝐚𝐤𝐢𝐧𝐠 𝐌𝐚𝐫𝐠𝐢𝐧 𝐃𝐮𝐫𝐚𝐛𝐢𝐥𝐢𝐭𝐲 In Q1, you attributed the 16.1% staking take rate to a deliberate shift toward proprietary nodes. In Q2, the take rate collapsed to 6.0% due to 'client mix'. Has the structural advantage of your proprietary nodes eroded, or is 6.0% the new normalized run-rate for this business? 𝐃𝐞𝐫𝐢𝐯𝐚𝐭𝐢𝐯𝐞𝐬 𝐯𝐬 𝐒𝐩𝐨𝐭 𝐌𝐢𝐱 Digital Asset Sales margins fell back to 17 bps due to a lower mix of derivatives activity. Why did institutional clients abruptly shift their trading behavior back away from derivatives, and how are you forecasting this mix for the second half of the year? 𝐂𝐅𝐎 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐂𝐨𝐧𝐭𝐞𝐱𝐭 Ed Reginelli is stepping down exactly as BitGo initiates a $15 million cost reduction program. Can you clarify if his departure is linked to a disagreement in capital allocation, and what specific profile you are looking for in the next CFO to manage this restructuring phase? 𝐁𝐮𝐲𝐛𝐚𝐜𝐤 𝐑𝐚𝐭𝐢𝐨𝐧𝐚𝐥𝐞 You authorized a $50 million buyback while simultaneously printing an Adjusted EBITDA loss and cutting operational costs. Why prioritize share repurchases now over preserving cash runway for further M&A or product development?

Every crypto bro cheering this bill is either on Coinbase’s payroll or can’t read. I read all 278 pages. You’re getting played. I’ve been in crypto since 2012. That’s 14 years of watching governments pretend to be confused while quietly building the cage. Trump promised to make America “the crypto capital of the world.” His party just delivered a surveillance framework that would make the CCP blush. Today I’m launching the Day2026 Bill Tracker. It does one thing: exposes how both parties collaborate to build your digital prison while you cheer. First up: The Senate Digital Asset Market Structure Act. 278 pages of “regulatory clarity” from Senator Tim Scott. Translation: 278 pages of compliance theater that kills everything crypto was built for. Here’s what your favorite influencers won’t tell you because their bags depend on you not knowing: MANDATORY TRADE SURVEILLANCE - Every exchange must implement real-time monitoring. Every. Single. Transaction. The NSA called, they want their playbook back. UNIVERSAL REGISTRATION - Exchanges, brokers, dealers, even “associated persons” must register. Anonymous participation? Dead. Satoshi’s vision? Buried. FULL DISCLOSURE TO THE STATE - Token issuers must hand over source code, transaction history, and tokenomics to regulators. Open source for thee, total transparency for me. MANDATORY GOVERNMENT CUSTODIANS - Your coins must sit with approved custodians. Self-custody for regulated activity? Effectively illegal. Not your keys, not your coins just became federal policy. DEFI IN THE CROSSHAIRS - For the first time ever, DeFi developers face registration requirements. Building permissionless systems now requires permission. Let that sink in. YOUR DATA GOES GLOBAL - Transaction records flow to the SEC, CFTC, and foreign regulators. Your wallet activity shared with central banks worldwide. Bullish, right? WHO ACTUALLY WINS: Coinbase gets a regulatory moat that buries competitors. You think Brian Armstrong is lobbying for YOUR freedom? Chainalysis gets permanent government contracts. Surveillance as a service, funded by your tax dollars. BlackRock and Wall Street get clear on-ramps while DeFi gets strangled in the crib. The SEC and CFTC get expanded empires and fresh revenue streams. You get watched. Tracked. Controlled. But hey, number go up. THE PROCESS: Senators got 48 hours to review 278 pages. Democrats asked for more time. Denied. Because nothing says “deliberative democracy” like speed-running financial surveillance. They call it regulatory clarity. I call it regulatory capture gift-wrapped for the donor class. THE REAL GAME: This is what “bipartisan consensus” means in 2026: both parties racing to build total financial surveillance while fighting about pronouns on cable news. Republicans say they oppose CBDCs. Then they vote for infrastructure that makes CBDCs inevitable. Democrats say they want consumer protection. Then they vote for bills written by the corporations they claim to regulate. Different jerseys. Same owners. THE UNCOMFORTABLE TRUTH: Trump isn’t saving crypto. He’s domesticating it. The goal was never to ban Bitcoin. The goal was to make it legible, trackable, and taxable. Mission accomplished. Every laser-eyed profile pic celebrating this bill is either naive, compromised, or selling you something. WHAT I’M DOING ABOUT IT: Full analysis with threat scores, beneficiary tracking, and talking points: (day2026.com/legislation/sena…) Every major bill gets this treatment. PATRIOT Act. TARP. CARES Act. REAL ID. GENIUS Act. Executive orders. All of it. Exposed. THE ANNOUNCEMENT: Neither party will protect your financial freedom. Neither party actually opposes CBDCs. Neither party will stop the technocratic merger of corporate and state power. That’s why I’m exploring a run for US Senate in New Hampshire. Not to join the club. To burn down the velvet rope. The algorithm buries truth. Make it work for us.

7. Mega Backdoor Roth allows you to put $40,000+ in a Roth 401(k). A crazy powerful strategy for tax-free wealth building if your employer/Solo 401(k) allows for after tax contributions 8. Use T-bills instead of HYSAs. T-bills aren't taxed at the state level, while your HYSA is

The administrator overseeing the wind-down of Terraform Labs has sued high-frequency trading firm Jump Trading, alleging it unlawfully profited from and helped contribute to the collapse of Do Kwon’s crypto empire. The filing seeks $4 billion in damages from Jump, co-founder William DiSomma, and former crypto division head Kanav Kariya. wsj.com/finance/currencies/j…

🟢 BREAKING SΞR NEWS: The Ether Machine $DYNX has acquired 15,000 ETH at an average price of $3,809. They still have $407M available for future $ETH purchases. @TheEtherMachine now holds 334,757 ETH, surpassing the Ethereum Foundation to claim the #3 spot on the SER leaderboard.

Hey @grok, if $ETH hits $4,000 this week, pick 3 random guys in the comments to split $4,000. Make sure they are following me and reposted this tweet. As always, I'll post a payment proof.

I added one line at the end to make the reply an easier read: Assume I’m stuck in a mental echo chamber. I want you to pry it open. Identify the blind spots in my reasoning, the assumptions I treat as facts, and the narratives I’ve subconsciously internalized. Don’t just play devil’s advocate—be a ruthless but respectful collaborator who seeks truth above comfort. Challenge my ideas with precision, offer unfamiliar perspectives, and if I’m playing it safe, tell me. Assume I want to grow, not be coddled. And please explain your points in simple, down-to-earth language—no jargon, no fluff.

Updated now that @babylonlabs_io is live. The FDV is ~ $900M. The yield for BTC stakers is around 0.89%.

That lady was in charge of massive fraud. She just gets to walk away? wtf?

📊 L1 assets moving to @Starknet at a rapid pace, what's cooking?

Here I did the median for you. Age 20-24: $9,774 Age 25-29: $19,270 Age 30-34: $36,178 Age 35-39: $43,416 Age 40-44: $57,668 Age 45-49: $92,370 Age 50-54: $94,923 Age 55-59: $131,460 Age 60-64: $143,640 Age 65-69: $132,290 Age 70-74: $237,692 Age 75-79: $112,106 Age 80+: $88,049

4/18 1. Ownership distribution of bitcoin will change drastically. - ETFs/funds buy up 15%+ of 21M and TradFi will get the wrong impression of how much of a say they have in Bitcoin. - More businesses will hold bitcoin on the balance sheet to outgrow competitors. (Cheatcode)

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