BitGo Q3 revenue drops 51% on soft trading; net income rises on treasury gains

The split between falling revenue and rising net income is the real story: BitGo's top line is exposed to trading activity and stablecoin mix, while the bottom line is being propped up by treasury gains rather than operations. That distinction matters for anyone reading custodian earnings as a proxy for institutional crypto demand. The open question is whether the stablecoin-driven margin dilution and soft trading persist, and how much of net income remains tied to treasury performance rather than the core custody business.