BitGo's Revenue Jumped 80% in Q2, But They Still Lost Money

Crypto custody company BitGo just dropped its Q2 numbers, and at first glance they look pretty solid. Revenue jumped 80% year over year, landing at $4.3 billion. That's a massive jump for any company, crypto or not.

But here's the catch: BitGo still posted a net loss of $19 million for the quarter. That's a big swing compared to last year, when the company actually posted net income of $38.3 million during the same period.

Why the loss despite more revenue

Growing revenue while still losing money usually means costs are climbing just as fast, or even faster. Could be spending on expansion, higher operating costs, or something tied to crypto market swings hitting the balance sheet.

Either way, it's a good reminder that even the big, well funded players in crypto deal with the same messy mix of growth and risk as everyone else. More revenue doesn't always mean more profit.