BitGo reported a net loss of $19 million in the second quarter, and the CFO will be leaving

Digital asset infrastructure company BitGo disclosed on August 12 that Chief Financial Officer Edward Reginelli will officially leave on September 15. Reginelli notified the board on August 10, and the company stated that his departure is not due to any disagreements regarding the company's operations, policies, or practices, and has initiated a formal search for his successor. He will continue to serve as an advisor after his departure.

At the same time, BitGo announced its financial report for the second quarter of 2026. The report showed that total revenue increased by 79.6% year-on-year to $4.33 billion, but the net loss reached $19 million, compared to a profit of $38.3 million in the same period last year; the net loss narrowed from $60.7 million in the first quarter. Adjusted EBITDA shifted from a profit of $3 million in the same period last year to a loss of $4.2 million.

The company stated that it laid off about 15% of its workforce in June, and the related investment focus and operational model adjustments are expected to bring about $15 million in annual cash savings. 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 company-level debt.