BitGo Reports Higher Profit on Crypto Gains Despite Revenue Drop
Cryptocurrency custodian BitGo saw its net income nearly double in the third quarter due to unrealized gains on digital asset holdings, even as revenue declined.
Digital asset custodian BitGo experienced a significant increase in net income for the third quarter, largely driven by a seventy-one million dollar unrealized gain on its cryptocurrency holdings. However, despite the boost in profitability from these asset gains, the company's overall revenue and earnings fell short of preliminary expectations set by analysts.
Original report: Cointelegraph ↗
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