BitGo Q3 net income nearly doubles on $71M crypto gain as revenue falls 51%

BitGo's near-doubling of net income is a mark-to-market story, not an operating one: the $71 million unrealized gain on its own crypto holdings did the heavy lifting while revenue fell by half and both lines missed preliminary analyst expectations. That split matters for a custodian, whose core business is meant to be fee-based and relatively insulated from asset swings. The open question is whether the revenue decline reflects a one-off quarter or a broader softening in custody demand, and how much of future earnings will keep depending on the firm's own balance-sheet exposure rather than client activity.