BitGo Reports a 44 Million Dollar Q3 Profit From Its Own Bitcoin as Metaplanet and BTC Inc Plan a Tokyo Bitcoin Conference for 2028
BitGo, the listed crypto custodian, reported a third-quarter profit of $44.1 million, or $0.36 a share, after losses in the prior quarter. Almost all of it came from the bitcoin on its own balance sheet: a $71.5 million unrealized gain on its corporate treasury. Strip that out and the operating business lost money, with adjusted EBITDA of minus $4.3 million.
The same day, Tokyo-listed Metaplanet and BTC Inc, the publisher of Bitcoin Magazine, announced Bitcoin Japan, a two-day conference at the Tokyo International Forum on February 23 and 24, 2028. Read together, the two releases show where institutional bitcoin money is going: into custody and treasury companies, and into the events built around them.
BitGo’s quarter, line by line
BitGo’s reported revenue was $2.85 billion, down 51% from a year earlier. That number is mostly pass-through. It books the full value of the digital assets it sells to clients, and direct costs were $2.81 billion. Revenue after direct costs, the figure closer to what BitGo actually keeps, was $37.3 million, down 32% from a year earlier.
The segments tell a mixed story.
- Asset sales brought in $2.72 billion of gross revenue, but the contribution margin narrowed to 15 basis points from 20 a year earlier.
- Staking revenue was $68.2 million, down 24%, as the take rate fell to 5.9% from 9.7%.
- Stablecoin-as-a-service revenue rose 52.5% to $37.4 million, with the take rate up to 7.7% from 3.6%. That is the fastest-growing line, as banks and fintechs pay BitGo to issue and manage their own stablecoins.
- Subscriptions and services fell 24.5% to $25.6 million on lower one-off engineering work.
Client count rose 33% to 6,640. Assets on the platform were $59.9 billion at average quarter prices, down from $104 billion a year earlier as crypto prices fell; at September 30 prices the figure was $83.0 billion. BitGo holds 2,399 bitcoin worth about $200 million in its own treasury, has $143.2 million of cash and has bought back $24.7 million of stock under a $50 million plan. It also closed its purchase of NYDIG’s institutional trading business in the quarter.
The read is simple. Volumes and staking fees are under pressure from lower prices and competition. Stablecoin infrastructure is growing. And a custodian that holds bitcoin on its own books now reports earnings that swing with the price, like the treasury companies it serves.
Bitcoin Japan comes to Tokyo
Metaplanet describes itself as Japan’s largest corporate bitcoin holder and the second-largest among listed companies worldwide. Bitcoin Japan will be the fourth international edition of The Bitcoin Conference, after Amsterdam, Abu Dhabi and Hong Kong. The program, in Japanese and English, covers corporate treasury strategy, custody, market structure, Japanese regulation and bitcoin’s role in Japan’s economy. Speakers will be announced in 2027, and Metaplanet will give free passes to shareholders who hold 100 or more shares.
BTC Inc has been owned since February 2026 by Nakamoto Inc, the Nasdaq-listed bitcoin company. The conference series drew more than 67,000 attendees in 2025.
Giving shareholders free passes to a company-hosted event is marketing as much as education. Metaplanet’s model depends on selling new shares to buy more bitcoin, and an investor base that feels part of a movement is easier to keep buying. That is also why the conference date, more than a year away, matters less than the announcement itself.