BitGo had a net loss of $19 million in the second quarter and CFO will step down

Comparatively, digital asset infrastructure company BitGo revealed on August 12 that Chief Financial Officer Edward Reginelli will officially step down on September 15. Reginelli informed the board of directors on August 10 that the company stated that his departure was not due to differences over the company's operations, policies, or practices, and that a formal search for a successor has begun, and that he will continue to act as an advisor after leaving the company.

In the same period, BitGo announced financial results for the second quarter of 2026. According to the report, total revenue increased 79.6% year over year to US$4.33 billion, but net loss reached US$19 million, which was a profit of US$38.3 million in the same period last year; net loss narrowed from US$60.7 million in the first quarter. Adjusted EBITDA changed from a profit of $3 million in the same period last year to a loss of $4.2 million.

The company said it had laid off about 15% of its employees in June, and related investment priorities and operating model adjustments are expected to result in annual cash savings of about 15 million US dollars. As of the end of June, BitGo held $159 million in cash and 2,523 of its own bitcoins (worth approximately $147.7 million), with no corporate-level debt.