BitGo Q3 revenue was $2.85 billion, down 50.9% year-over-year.

On Nov. 10 that BitGo Holdings (NYSE: BTGO) released its third-quarter financial results for the period ended Sept. 30: total revenue was $2.8519 billion, down 34.1% quarter-over-quarter and 50.9% year-over-year, primarily due to a persistently weak cryptocurrency trading environment and decreased digital asset sales activities; revenue net of direct costs came in at $37.3 million, down 12.1% sequentially and 32.1% year over year.

Net income was $44.1 million, marking a significant improvement from a net loss of $19 million in the second quarter and a net profit of $22.7 million in the same period last year, primarily driven by unrealized gains of $71.5 million from the company's digital asset treasury this quarter. Adjusted EBITDA stood at a loss of $4.3 million, compared to a loss of $4.2 million in Q2 and a profit of $13.5 million year ago; operating expenses excluding direct costs were $56.6 million, down 5.5% sequentially.

In terms of operational metrics, the client base grew to 6,640, a year-over-year increase of 33.1%; platform assets stood at $59.9 billion, valued at $83 billion based on Sept. 30 prices; standardized platform assets calculated at the current quarter's median price increased 31.9% year over year, and standardized staking assets reached $10.5 billion, up 41.1% year over year. The company completed its acquisition of NYDIG's institutional trading business this quarter, expanding its derivatives, structured products, and financing capabilities, and repurchased $24.7 million in common stock under a $50 million buyback authorization.