BitGo Returns to Profit on Crypto Gains as Revenue Halves

The split between a shrinking top line and a growing client base is the real story here: BitGo's swing back to profit leans on crypto gains rather than core operations, which makes the result more a function of market conditions than of the custody business itself. For a custodian, client growth is the durable signal, so the revenue decline against a 33.1% jump in clients raises questions about pricing and mix that the report doesn't answer. Whether profit holds once crypto gains are stripped out is the open question.