Crypto infrastructure firm BitGo posted a quarterly loss after a slide in digital asset prices late last year hurt the value of the company’s bitcoin holdings.
Shares of BitGo edged lower in after-hours trading. The stock dropped more than 8% to close at an all-time low on Thursday.
BitGo reported a loss of $50 million or $1.03 per share in the fourth quarter, compared with a profit of $129.4 million a year ago. Revenue surged about 440% to $6.2 billion from $1.1 billion during the same period a year ago. Analysts polled by FactSet had estimated the company to lose $49.1 million on revenue of $59.2 million.