BitGo Q3 profit nearly doubles on crypto gains as revenue falls 51%

BitGo’s $71 million unrealized gain on its crypto holdings helped nearly double its net income, but revenue and earnings came in below preliminary analyst expectations. US-listed digital asset infrastructure company BitGo Holdings reported $44.1 million in third-quarter net income, nearly double a year earlier, as a rise in the value of its crypto holdings offset a $19.2 million operating loss. The crypto custodian recorded a $71.5 million unrealized gain on digital assets in the quarter ended Sept. 30, according to its quarterly filing. A year earlier, it reported operating income of $3.9 million.