BITGO HOLDINGS, INC.

Previous wording

The following discussion and analysis of our results of operations and financial condition should be read in conjunction with our condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and the related notes disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. The following discussion contains forward-looking statements that are based on current plans, expectations and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those identified below and those discussed in the section titled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 and other sections, including the “Note Regarding Forward-Looking Statements” of this Quarterly Report on Form 10-Q. Our historical results are not necessarily indicative of the results that may be expected for any period in the future.

Current wording

The following discussion and analysis of our results of operations and financial condition should be read in conjunction with our condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and the related notes disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. The following discussion contains forward-looking statements that are based on current plans, expectations and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those identified below and those discussed in the section titled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 and other sections, including the “Risk Factors” and “Note Regarding Forward-Looking Statements” of this Quarterly Report on Form 10-Q. Our historical results are not necessarily indicative of the results that may be expected for any period in the future.

Previous wording

Our platform combines self-custody wallet, qualified custody, liquidity and prime, and infrastructure-as-a-service solutions, including stablecoin issuance and management. This unified suite of solutions is designed to meet the operational and regulatory demands of our clients. We supported over 2,200 digital assets as of June 30, 2026, and helped pioneer institutional-grade multi-signature (“multi-sig”) security architecture and cold storage solutions. With a client base that includes digital asset ecosystem companies, financial institutions, technology platforms, corporations and government agencies, as well as high net worth individuals (“HNWIs”), our Number of Clients, who were located across over 100 countries, exceeded 5,800 as of June 30, 2026, and we had approximately $65.2 billion in Assets on Platform (“AoP”) for the three months ended June 30, 2026. Our principal markets are the United States and other major financial centers in North America, Europe, and Asia. See “—Key Business Metrics” for a definition of “Number of Clients” and “Assets on Platform.”

Current wording

Our platform combines self-custody wallet, qualified custody, liquidity and prime, and infrastructure-as-a-service solutions, including stablecoin issuance and management. This unified suite of solutions is designed to meet the operational and regulatory demands of our clients. We supported over 2,800 digital assets as of September 30, 2026, and helped pioneer institutional-grade multi-signature (“multi-sig”) security architecture and cold storage solutions. With a client base that includes digital asset ecosystem companies, financial institutions, technology platforms, corporations and government agencies, as well as high net worth individuals (“HNWIs”), our Number of Clients, who were located across over 100 countries, exceeded 6,600 as of September 30, 2026, and we had approximately $59.9 billion in Assets on Platform (“AoP”) for the three months ended September 30, 2026. Our principal markets are the United States and other major financial centers in North America, Europe, and Asia. See “—Key Business Metrics” for a definition of “Number of Clients” and “Assets on Platform.”

Previous wording

We began as a specialized custodian, integrating directly with advanced blockchain technologies, eliminating the need for institutional and retail clients to compromise security for market access. We have continued to innovate in the space having been the first to commercially introduce self-custody wallets. Over time, we have added the BitGo Trust Companies, allowing us to become one of the first custodians purpose-built for digital assets. In 2020, we expanded our platform’s capabilities through the introduction of BitGo Prime which introduced liquidity solutions on top of our custody and wallet layers. Our platform continues to grow. For the three months ended June 30, 2026 we had approximately $65.2 billion in AoP, including $11.9 billion in Assets Staked for the three months ended June 30, 2026. See “—Key Business Metrics” for definitions of “Assets on Platform” and “Assets Staked.”

Current wording

We began as a specialized custodian, integrating directly with advanced blockchain technologies, eliminating the need for institutional and retail clients to compromise security for market access. We have continued to innovate in the space having been the first to commercially introduce self-custody wallets. Over time, we have added the BitGo Trust Companies, allowing us to become one of the first custodians purpose-built for digital assets. In 2020, we expanded our platform’s capabilities through the introduction of BitGo Prime which introduced liquidity solutions on top of our custody and wallet layers. For the three months ended September 30, 2026, we had approximately $59.9 billion in AoP, including $10.5 billion in Assets Staked. See “—Key Business Metrics” for definitions of “Assets on Platform” and “Assets Staked.”

Previous wording

•Number of Clients increased from 4,621 as of June 30, 2025 to 5,833 as of June 30, 2026.

Current wording

•Number of Clients increased from 4,988 as of September 30, 2025 to 6,640 as of September 30, 2026.

Previous wording

•The fair value of Assets Staked decreased from $25.6 billion for the three months ended June 30, 2025 to $11.9 billion for the three months ended June 30, 2026.

Current wording

•The fair value of Assets Staked decreased from $28.6 billion for the three months ended September 30, 2025 to $10.5 billion for the three months ended September 30, 2026.

Previous wording

•Net income was $38.3 million for the three months ended June 30, 2025, compared to net loss of $19.0 million for the three months ended June 30, 2026.

Current wording

•Net income was $22.7 million for the three months ended September 30, 2025, compared to net income of $44.1 million for the three months ended September 30, 2026.

Previous wording

•Adjusted EBITDA decreased from 3.0 million for the three months ended June 30, 2025 to an Adjusted EBITDA loss of $(4.2) million for the three months ended June 30, 2026.

Current wording

•Adjusted EBITDA decreased from $13.5 million for the three months ended September 30, 2025 to an Adjusted EBITDA loss of $4.3 million for the three months ended September 30, 2026.

Previous wording

Our AoP has fluctuated over time due, in part, to fluctuations in the digital asset economy and corresponding fluctuations in the prices of digital assets. For the three months ended June 30, 2026, our AoP was $65.2 billion, representing a decrease of 27.8% from the three months ended June 30, 2025, primarily driven by declines in digital asset prices.

Current wording

Our AoP has fluctuated over time due, in part, to fluctuations in the digital asset economy and corresponding fluctuations in the prices of digital assets. For the three months ended September 30, 2026, our AoP was $59.9 billion, representing a decrease of 42.4% from the three months ended September 30, 2025, primarily driven by declines in digital asset prices.

Previous wording

AoP is influenced by multiple factors, including certain market-dependent factors, and thus can fluctuate based not only on the quantity of assets held on our platform, but also the price of such assets. For example, over the period from the three months ended June 30, 2025 to three months ended June 30, 2026, the digital assets market capitalization fell 38% from a high of $3.4 trillion to $2.1 trillion. In comparison, AoP for the three months ended June 30, 2025 and 2026 were $90.3 billion and $65.2 billion, respectively, representing a 27.8% decrease.

Current wording

AoP is influenced by multiple factors, including certain market-dependent factors, and thus can fluctuate based not only on the quantity of assets held on our platform, but also the price of such assets. For example, over the period from the three months ended September 30, 2025 to the three months ended September 30, 2026, the digital assets market capitalization fell 25% from a high of $3.98 trillion to $2.97 trillion. In comparison, AoP for the three months ended September 30, 2025 and 2026 were $104.0 billion and $59.9 billion, respectively, representing a 42.4% decrease.

Previous wording

The value of a majority of our AoP has been, and continues to be, concentrated in a few digital assets held by our clients, including Bitcoin, Ethereum, Sui, XRP, and Solana, which constituted 51.5%, 9.4%, 6.3%, 4.7%, and 3.9%, of our AoP as of June 30, 2026, respectively. In addition to digital assets, our AoP includes a negligible amount of fiat currencies. In line with the historical market cap dominance of Bitcoin, Bitcoin has consistently been the largest single digital asset in our AoP. Our mix of digital assets does, however, fluctuate depending on the price performance of individual digital assets as well as the onboarding and offboarding of client accounts.

Current wording

The value of a majority of our AoP has been, and continues to be, concentrated in a few digital assets held by our clients, including Bitcoin, Ethereum, Sui, XRP, and Solana, which constituted 50.0%, 11.2%, 7.0%, 4.9%, and 3.9% of our AoP as of September 30, 2026, respectively. In addition to digital assets, our AoP includes a negligible amount of fiat currencies. In line with the historical market cap dominance of Bitcoin, Bitcoin has consistently been the largest single digital asset in our AoP. Our mix of digital assets does, however, fluctuate depending on the price performance of individual digital assets as well as the onboarding and offboarding of client accounts.

Previous wording

We define Number of Clients as the cumulative number as of the end of the measured period of (i) institutional clients that have (A) an executed service agreement with us that has not been terminated as of the end of such measured period and (B) have been onboarded to at least one of our core solutions, (i.e., custody, wallet platform or trading) and (ii) HNWIs, which we define as any individual with a net worth of $1 million or more, who (A) have an executed service agreement with us that has not been terminated as of the end of such measured period and (B) have been onboarded to at least one of our core solutions (i.e., custody, wallet platform or trading). We frequently observe that our clients, who may initially begin by using one of our products or service offerings, expand into multiple products and/or services across our platform as we deepen our relationship with them. Therefore, we view Number of Clients as a key indicator of our market penetration, client adoption and platform monetization potential, and Number of Clients informs our client acquisition strategy.

Current wording

We define Number of Clients as the cumulative number as of the end of the measured period of (i) institutional clients that have (A) an executed service agreement with us that has not been terminated as of the end of such measured period and (B) been onboarded to at least one of our core solutions (i.e., custody, wallet platform or trading) and (ii) HNWIs, which we define as any individual with a net worth of $1 million or more, who (A) have an executed service agreement with us that has not been terminated as of the end of such measured period and (B) have been onboarded to at least one of our core solutions (i.e., custody, wallet platform or trading). We frequently observe that our clients, who may initially begin by using one of our products or service offerings, expand into multiple products and/or services across our platform as we deepen our relationship with them. Therefore, we view Number of Clients as a key indicator of our market penetration, client adoption and platform monetization potential, and Number of Clients informs our client acquisition strategy.

Previous wording

While our Number of Clients was less than 100 prior to January 1, 2017, as of June 30, 2026, our Number of Clients exceeded 5,800. Our Number of Clients has grown at a compound annual growth rate (“CAGR”) of 84.0% over the past two years, through June 30, 2026, which has been predominantly driven by organic growth and the resulting increased utilization of our services rather than through acquisitions.

Current wording

While our Number of Clients was less than 100 prior to January 1, 2017, as of September 30, 2026, our Number of Clients exceeded 6,600. Our Number of Clients has grown at a compound annual growth rate (“CAGR”) of 88.0% over the past two years, through September 30, 2026, which does not represent new clients from acquisition or asset inflows.

Previous wording

We define Number of Users as the cumulative number as of the end of the measured period of (i) individuals authorized to access the account of any of our institutional clients on such institutional client’s behalf, which institutional client (A) has an executed service agreement with us that has not been terminated as of the end of such measured period and (B) has been onboarded to at least one of our core solutions (i.e., custody, wallet platform or trading), (ii) HNWIs who (A) have an executed service agreement with us that has not been terminated as of the end of such measured period and (B) have been onboarded to at least one of our core solutions (i.e., custody, wallet platform or trading) and (iii) retail users that have registered an account with BitGo, in each case who have conducted at least one of the following activities at any point since onboarding our platform (through the applicable methods described above) and prior to the end of such measured period. We believe the following activities indicate meaningful interactions with our platform.

Current wording

We define Number of Users as the cumulative number as of the end of the measured period of (i) individuals authorized to access the account of any of our institutional clients on such institutional client’s behalf, which institutional client (A) has an executed service agreement with us that has not been terminated as of the end of such measured period and (B) has been onboarded to at least one of our core solutions (i.e., custody, wallet platform or trading), (ii) HNWIs who (A) have an executed service agreement with us that has not been terminated as of the end of such measured period and (B) have been onboarded to at least one of our core solutions (i.e., custody, wallet platform or trading) and (iii) retail users that have registered an account with BitGo, in each case who have conducted at least one of the following activities at any point since onboarding onto our platform (through the applicable methods described above) and prior to the end of such measured period. We believe the following activities indicate meaningful interactions with our platform.

Previous wording

We view Number of Users as a key indicator of our scale as it portrays not only the number of institutional clients and HNWIs who have demonstrated an interest in our platform or direct intent to transact with digital assets (which we track through the Number of Clients metric), but also the number of retail users who have conducted at least one meaningful usage of, and meaningful activity with, our platform. Although we generally do not generate incremental revenue solely from an institutional client adding any one additional authorized user, we have observed that the number of users authorized by our institutional clients positively correlates with overall client activity, engagement with our solutions and revenue generated from such client. For example, with respect to institutional clients, there are typically many individuals who are authorized to interact with our platform through a single institutional client account. As of June 30, 2026, the average number of authorized individuals using our platform through a single institutional client was 5.2. By assessing the Number of Users, together with the Number of Clients, we can assess our total platform usage as well as the rate of the general market adoption of digital assets. In addition, because we generate revenue from certain activities by retail users (e.g., when retail users engage in transactional activities on our platform), the “Number of Users” metric provides meaningful insight into the revenue-generating retail activity on our platform.

Current wording

We view Number of Users as a key indicator of our scale as it portrays not only the number of institutional clients and HNWIs who have demonstrated an interest in our platform or direct intent to transact with digital assets (which we track through the Number of Clients metric), but also the number of retail users who have conducted at least one meaningful usage of, and meaningful activity with, our platform. Although we generally do not generate incremental revenue solely from an institutional client adding any one additional authorized user, we have observed that the number of users authorized by our institutional clients positively correlates with overall client activity, engagement with our solutions and revenue generated from such client. For example, with respect to institutional clients, there are typically many individuals who are authorized to interact with our platform through a single institutional client account. As of September 30, 2026, the average number of authorized individuals using our platform through a single institutional client was 5.24. By assessing the Number of Users, together with the Number of Clients, we can assess our total platform usage as well as the rate of the general market adoption of digital assets. In addition, because we generate revenue from certain activities by retail users (e.g., when retail users engage in transactional activities on our platform), the “Number of Users” metric provides meaningful insight into the revenue-generating retail activity on our platform.

Previous wording

Similar to AoP, Assets Staked is influenced by multiple factors, including certain market-dependent factors, and thus can fluctuate based not only on the quantity of assets staked on our platform, but also the price of such assets. In addition, similar to AoP, the value of a majority of our Assets Staked has been, and continues to be, concentrated in a few digital assets held by our clients, namely Sui, Ethereum and Solana, which constituted approximately 33.3%, 33.5%, and 17.0%, of our Assets Staked as of June 30, 2026, respectively.

Current wording

Similar to AoP, Assets Staked is influenced by multiple factors, including certain market-dependent factors, and thus can fluctuate based not only on the quantity of assets staked on our platform, but also the price of such assets. In addition, similar to AoP, the value of a majority of our Assets Staked has been, and continues to be, concentrated in a few digital assets held by our clients, namely Ethereum, Sui and Solana, which constituted approximately 37.9%, 31.7%, and 14.9%, of our Assets Staked as of September 30, 2026, respectively.

Previous wording

The following table provides a reconciliation of net loss, the most directly comparable GAAP measure, to Adjusted EBITDA for the periods presented (in thousands):

Current wording

The following table provides a reconciliation of net income (loss), the most directly comparable GAAP measure, to Adjusted EBITDA for the periods presented (in thousands):

Previous wording

(1)Fluctuating and volatile digital asset prices primarily drive net change in unrealized appreciation (loss) on digital assets, which we exclude from the definition of Adjusted EBITDA because (i) such net change is not driven by the core results of the Company’s operations; (ii) removing such net change illustrates the way in which the Company’s products and services, instead of fluctuating and volatile digital asset prices, drive the sustainability of the Company’s operations, margins and growth; and (iii) digital assets on our balance sheet are considered long-term holdings and our investing activities in digital assets are not part of our revenue generating activities, which are based on transactions on our platform, staking revenue, subscriptions and services revenue and revenue generated from our Stablecoin-as-a-Service solution. Accordingly, net change in unrealized appreciation/loss on digital assets is materially all related to proprietary digital assets held for investment.

Current wording

(1)Fluctuating and volatile digital asset prices primarily drive net change in unrealized appreciation (loss) on digital assets, which we exclude from the definition of Adjusted EBITDA because (i) such net change is not driven by the core results of the Company’s operations; (ii) removing such net change illustrates the way in which the Company’s products and services, instead of fluctuating and volatile digital asset prices, drive the sustainability of the Company’s operations, margins and growth; and (iii) digital assets on our balance sheet and our investing activities in digital assets are not part of our revenue generating activities, which are based on transactions on our platform, staking revenue, subscriptions and services revenue and revenue generated from our Stablecoin-as-a-Service solution. Accordingly, net change in unrealized appreciation/loss on digital assets is materially all related to proprietary digital assets held for investment.

Previous wording

(2)Legal, IPO-related and other costs include (i) litigation costs of $3.2 million and $4.5 million in the three and six months ended June 30, 2025, respectively, and nil and $0.9 million in the three and six months ended June 30, 2026, respectively, associated with our ongoing suit against Galaxy alleging that Galaxy breached and wrongfully repudiated the terms of the Merger Agreement, by terminating Galaxy’s proposed $1.2 billion acquisition of the Company, (ii) legal settlement of nil and $0.1 million in three and six months ended June 30, 2026, respectively (iii) one-time bonus payment of nil and $0.5 million made in the three and six months ended June 30, 2026, in connection with the IPO, (iv) IPO-related expense borne by us of $0.4 million in the three and six months ended June 30, 2025, and nil and $0.3 million in the three and six months ended June 30, 2026, respectively, (v) legal and professional fees borne by us of $0.6 million and $1.8 million in the three and six months ended June 30, 2026, respectively, related to entity wind-down costs and the evaluation of strategic opportunities. See the section titled “Business—Legal Proceedings” in our Annual Report on Form 10-K for the year ended December 31, 2025 and Note 14—Commitments and Contingencies in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information relating to our ongoing litigation with Galaxy.

Current wording

(2)Legal, IPO-related and other costs include (i) litigation costs of $2.0 million and $6.5 million in the three and nine months ended September 30, 2025, respectively, and $0.7 million and $1.5 million in the three and nine months ended September 30, 2026, respectively, associated with our ongoing suit against Galaxy alleging that Galaxy breached and wrongfully repudiated the terms of the Merger Agreement, by terminating Galaxy’s proposed $1.2 billion acquisition of the Company, (ii) legal settlement of nil and $0.1 million in three and nine months ended September 30, 2026, respectively (iii) one-time bonus payment of nil and $0.5 million made in the three and nine months ended September 30, 2026, respectively, in connection with the IPO, (iv) IPO-related expense borne by us of nil in the three and nine months ended September 30, 2025, and nil and $0.3 million in the three and nine months ended September 30, 2026, respectively, and (v) legal and professional fees borne by us of $1.4 million and $3.1 million in the three and nine months ended September 30, 2026, respectively, related to entity wind-down costs and acquisition related costs. See the section titled “Business—Legal Proceedings” in our Annual Report on Form 10-K for the year ended December 31, 2025 and Note 15—“Commitments and Contingencies” in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information relating to our ongoing litigation with Galaxy.

Previous wording

Our core business revolves around providing custody, security, and trading and infrastructure solutions for a range of digital assets. Accordingly, our business correlates to trends in the broader digital assets market, including client sentiment and macroeconomic ongoings.

Current wording

Our core business revolves around providing custody, security, and trading and infrastructure solutions for a range of digital assets. Accordingly, our business correlates to trends in the broader digital assets market, including client sentiment and macroeconomic developments.

Previous wording

These factors largely impact price and volatility of digital assets, which underlie the foundation of our business model. Significant price increases or declines in digital assets can substantially influence the value of the assets on our platform, directly impacting our revenue due to our percentage-based fee model. Similarly, high volatility in the digital assets market continues to impact our operations, generating user and investor uncertainty that may potentially lower transaction volumes on our platform and revenue outcomes. In addition, while we support a wide range of digital assets, the digital assets, whether custodied or non-custodied, held by our clients in their accounts on our platform have historically been, and continue to be, concentrated in a small number of distinct digital assets (including Bitcoin, Ethereum, Sui, Solana and XRP). Therefore, declines in demand for such digital assets or in the prices of such digital assets could negatively impact our operating performance and financial condition.

Current wording

These factors largely impact the price and volatility of digital assets, which underlie the foundation of our business model. Significant price increases or declines in digital assets can substantially influence the value of the assets on our platform, directly impacting our revenue due to our percentage-based fee model. Similarly, high volatility in the digital assets market continues to impact our operations, generating user and investor uncertainty that may potentially lower transaction volumes on our platform and revenue outcomes. In addition, while we support a wide range of digital assets, the digital assets, whether custodied or non-custodied, held by our clients in their accounts on our platform have historically been, and continue to be, concentrated in a small number of distinct digital assets (including Bitcoin, Ethereum, Sui, Solana and XRP). Therefore, declines in demand for such digital assets or in the prices of such digital assets could negatively impact our operating performance and financial condition.

Previous wording

Our business has expanded rapidly over time, and our conviction in the strength of the digital assets market is unwavering. The digital assets market has grown over 41% in size over the last five years to reach a total market capitalization of approximately $2.1 trillion as of June 30, 2026, with use cases continuing to expand. We believe that our unified suite of solutions: self-custody wallet, qualified custody, liquidity and prime, and infrastructure-as-a-service, will enable us to offer a variety of products and services to a growing total addressable market. In addition, we support over 2,200 digital assets as of June 30, 2026 and have helped pioneer institutional-grade multi-sig security architecture and cold storage solutions, which we believe provide a strong foundation for success.

Current wording

Our business has expanded rapidly over time, and our conviction in the strength of the digital assets market is unwavering. The digital assets market has grown over 52.0% in size over the last five years to reach a total market capitalization of approximately $2.97 trillion as of September 30, 2026, with use cases continuing to expand. We believe that our unified suite of solutions: self-custody wallet, qualified custody, liquidity and prime, and infrastructure-as-a-service, will enable us to offer a variety of products and services to a growing total addressable market. In addition, we support over 2,800 digital assets as of September 30, 2026 and have helped pioneer institutional-grade multi-sig security architecture and cold storage solutions, which we believe provide a strong foundation for success.

Previous wording

The increase was primarily attributable to higher digital asset trading activity resulting from the expansion of trading pairs on the platform, increased activity from existing clients, and an expanding client base. We present digital assets sales revenue on a gross basis (other than the portion of digital assets sales revenue recognized in connection with sales and purchases on our platform of certain stablecoins that are classified as financial assets, which is recognized on a net basis) because of our role as principal for accounting purposes in sales of digital assets, as we control the digital assets prior to transfer to the customer, are primarily responsible for fulfilling the transaction, and have discretion in pricing, including the ability to incorporate spreads relative to market prices. As a result, the significant volume of digital asset transactions on our platform results in significant digital assets sales revenue with corresponding digital assets sales costs. For the six months ended June 30, 2026, digital assets sales costs increased by $3,962.2 million, or 102.2%, over the corresponding period in the prior year.

Current wording

The decrease was primarily attributable to lower digital asset trading activity as activity in the digital asset space declined the third quarter of fiscal 2026, as well as a shift in trading mix toward a higher proportion of lower margin stablecoin transactions relative to the same period in the prior year. We present digital assets sales revenue on a gross basis (other than the portion of digital assets sales revenue recognized in connection with sales and purchases on our platform of certain stablecoins that are classified as financial assets, which is recognized on a net basis, and net gain or loss recognized on derivative contracts under ASC 815) because of our role as principal for accounting purposes in sales of digital assets, as we control the digital assets prior to transfer to the customer, are primarily responsible for fulfilling the transaction, and have discretion in pricing, including the ability to incorporate spreads relative to market prices. As a result, the significant volume of digital asset transactions on our platform results in significant digital assets sales revenue with corresponding digital assets sales costs. Digital assets sales costs decreased by $2,934.9 million, or 51.9%, for the three months ended September 30, 2026 compared to the same period in the prior year.

Previous wording

Staking revenue decreased by $26.2 million, or 28.8%, for the three months ended June 30, 2026 compared to the same period in the prior year, primarily driven by lower staked digital asset volume on our platform and a decline in digital asset prices. We present staking revenue on a gross basis because of our role as principal for accounting purposes in connection with our clients’ staking activities. As a result, the significant volume of staking activities on our platform results in staking revenue with corresponding staking fees. For the three months ended June 30, 2026, staking fees decreased by $21.0 million, or 25.7%, over the corresponding period in the prior year.

Current wording

Staking revenue decreased by $21.7 million, or 24.1%, for the three months ended September 30, 2026 compared to the same period in the prior year, primarily driven by lower staked digital asset volume on our platform and a decline in digital asset prices. We present staking revenue on a gross basis because of our role as principal for accounting purposes in connection with our clients’ staking activities. As a result, the significant volume of staking activities on our platform results in staking revenue with corresponding staking fees. Staking fees decreased by $16.9 million, or 20.9%, for the three months ended September 30, 2026 compared to the same period in the prior year.

Previous wording

Stablecoin-as-a-Service revenue increased by $61.3 million, for the six months ended June 30, 2026 compared to $15.7 million in the same period in the prior year. The increase results from the launch of this new service in March 2025. We earn interest on stablecoin reserve assets and recognize that revenue on a gross basis. We recognize stablecoin sponsor fees, which largely offset the interest revenue. For the six months ended June 30, 2026, stablecoin sponsor fees increased by $55.8 million over the corresponding period in the prior year.

Current wording

Stablecoin-as-a-Service revenue increased by $12.9 million, or 52.5%, for the three months ended September 30, 2026 compared to the same period in the prior year. The increase reflects continued growth from the launch of this new service in March 2025. We earn interest on stablecoin reserve assets and recognize that revenue on a gross basis. We recognize related stablecoin sponsor fees as an expense. Stablecoin sponsor fees increased by $10.9 million, or 46%, for the three months ended September 30, 2026 compared to the same period in the prior year.

Previous wording

Interest income increased by $0.5 million, or 132.2%, for the three months ended June 30, 2026 compared to the same period in the prior year. The increase was primarily attributable to an increase in fiat treasury investments.

Current wording

Interest income increased by $0.3 million, or 84.0%, for the three months ended September 30, 2026 compared to the same period in the prior year. The increase was primarily attributable to an increase in fiat treasury investments.

Previous wording

Interest expense increased by $4.6 million, or 366.9%, for the three months ended June 30, 2026 compared to the same period in the prior year. The increase in interest expense was primarily attributable to higher borrowings and related interest costs incurred to support the expansion of our lending product.

Current wording

Interest expense increased by $2.8 million, or 100.8%, for the three months ended September 30, 2026 compared to the same period in the prior year. The increase in interest expense was primarily attributable to higher borrowings and related interest costs incurred to support the expansion of our lending product.

Previous wording

General and administrative expenses increased by $3.6 million, or 20.7%, for the three months ended June 30, 2026 compared to the same period in the prior year. The increase was driven primarily by higher audit and accounting fees, conference and event costs, and dues and subscriptions.

Current wording

General and administrative expenses increased by $0.5 million, or 2.5%, for the three months ended September 30, 2026 compared to the same period in the prior year. The increase was driven primarily by higher audit and accounting fees, conference and event costs, and dues and subscriptions.

Previous wording

Depreciation and amortization expenses increased by $1.2 million, or 142.4%, for the three months ended June 30, 2026 compared to the same period in the prior year. The increase was driven primarily by depreciation and amortization charges related to intangible assets acquired through the Brassica and HeightZero acquisitions, as well as higher capital expenditures and capitalized development costs incurred.

Current wording

Depreciation and amortization expenses increased by $1.8 million, or 173.9%, for the three months ended September 30, 2026 compared to the same period in the prior year. The increase was driven primarily by depreciation and amortization charges related to intangible assets acquired, as well as higher capital expenditures and capitalized development costs incurred.

Previous wording

Net change in unrealized loss on digital assets decreased by $94.6 million, or 429.3%, for the six months ended June 30, 2026 compared to the same period in the prior year. The decrease in net change in unrealized loss of digital assets was primarily driven by decline in digital asset prices.

Current wording

Net change in unrealized appreciation (loss) on digital assets increased by $52.4 million, or 273.7%, for the three months ended September 30, 2026 compared to the same period in the prior year. The increase in net change in unrealized appreciation (loss) of digital assets was primarily driven by the appreciation in digital asset prices.

Previous wording

Gain on disposal of digital assets increased by $4.3 million, or 340.6%, for the three months ended June 30, 2026 compared to the same period in the prior year. The increase was primarily attributable to the sale of treasury digital assets with historical costs that were significantly lower than their fair values at the time of sale, resulting in higher realized gains.

Current wording

Gain on disposal of digital assets increased by $1.6 million, or 26.9%, for the three months ended September 30, 2026 compared to the same period in the prior year. The increase was primarily attributable to the sale of treasury digital assets with historical costs that were significantly lower than their fair values at the time of sale, resulting in higher realized gains.

Previous wording

Provision for (benefit from) income taxes changed by $30.5 million, or 387.7%, for the six months ended June 30, 2026 compared to the same period in the prior year, from a tax expense of $7.9 million to a tax benefit of $22.6 million. The change was primarily due to the loss from operations during the six months ended June 30, 2026, as well as our annualized effective income tax rate of 21.8% for the six months ended June 30, 2026 compared to the effective income tax rate of 21.0% for the six months ended June 30, 2025, primarily due to state, local, and foreign taxes and the benefit recognized upon the settlement of employee stock-based awards, partially offset by the limitations on the deductibility of executive compensation,

Current wording

Provision for income taxes changed by $9.4 million, or 152.8%, for the three months ended September 30, 2026 compared to the same period in the prior year primarily due to the income from operations during the three months ended September 30, 2026, driven by the change in fair value of digital assets, as well as our annualized effective income tax rate of 26.1% for the three months ended September 30, 2026 compared to the effective income tax rate of 21.3% for the three months ended September 30, 2025. The higher effective income tax rate was primarily due to state, local, and foreign taxes and the limitations on the deductibility of executive compensation, partially offset by research and development credits.

Previous wording

The increase was primarily attributable to higher digital asset trading activity resulting from the expansion of trading pairs on the platform, increased activity from existing clients, and an expanding client base. We present digital assets sales revenue on a gross basis (other than the portion of digital assets sales revenue recognized in connection with sales and purchases on our platform of certain stablecoins that are classified as financial assets, which is recognized on a net basis) because of our role as principal for accounting purposes in sales of digital assets, as we control the digital assets prior to transfer to the customer, are primarily responsible for fulfilling the transaction, and have discretion in pricing, including the ability to incorporate spreads relative to market prices. As a result, the significant volume of digital asset transactions on our platform results in significant digital assets sales revenue with corresponding digital assets sales costs. For the three months ended June 30, 2026, digital assets sales costs increased by $1,916.5 million, or 84.3%, over the corresponding period in the prior year.

Current wording

The increase was primarily attributable to higher digital asset trading activity resulting from the expansion of trading pairs on the platform, increased activity from existing clients, and an expanding client base. We present digital assets sales revenue on a gross basis (other than the portion of digital assets sales revenue recognized in connection with sales and purchases on our platform of certain stablecoins that are classified as financial assets, which is recognized on a net basis, and net gain or loss recognized on derivative contracts under ASC 815) because of our role as principal for accounting purposes in sales of digital assets, as we control the digital assets prior to transfer to the customer, are primarily responsible for fulfilling the transaction, and have discretion in pricing, including the ability to incorporate spreads relative to market prices. As a result, the significant volume of digital asset transactions on our platform results in significant digital assets sales revenue with corresponding digital assets sales costs. Digital assets sales costs increased by $1,027.3 million, or 10.8%, for the nine months ended September 30, 2026 compared to the same period in the prior year.

Previous wording

Staking revenue decreased by $122.8 million, or 51.8%, for the six months ended June 30, 2026 compared to the same period in the prior year, primarily driven by lower staked digital asset volume on our platform and a decline in digital asset prices. We present staking revenue on a gross basis because of our role as principal for accounting purposes in connection with our clients’ staking activities. As a result, the significant volume of staking activities on our platform results in staking revenue with corresponding staking fees. For the six months ended June 30, 2026, staking fees decreased by $107.3 million, or 51.2%, over the corresponding period in the prior year.

Current wording

Staking revenue decreased by $144.4 million, or 44.2%, for the nine months ended September 30, 2026 compared to the same period in the prior year, primarily driven by lower staked digital asset volume on our platform and a decline in digital asset prices. We present staking revenue on a gross basis because of our role as principal for accounting purposes in connection with our clients’ staking activities. As a result, the significant volume of staking activities on our platform results in staking revenue with corresponding staking fees. Staking fees decreased by $124.2 million, or 42.7%, for the nine months ended September 30, 2026 compared to the same period in the prior year.

Previous wording

Stablecoin-as-a-Service revenue increased by $23.2 million, for the three months ended June 30, 2026 compared to $15.7 million in the same period in the prior year. The increase results from the launch of this new service in March 2025. We earn interest on stablecoin reserve assets and recognize that revenue on a gross basis. We recognize stablecoin sponsor fees, which largely offset the interest revenue. For the three months ended June 30, 2026, stablecoin sponsor fees increased by $20.5 million over the corresponding period in the prior year.

Current wording

Stablecoin-as-a-Service revenue increased by $74.2 million, or 184.7%, for the nine months ended September 30, 2026 compared to $40.2 million in the same period in the prior year. The increase results from the launch of this new service in March 2025. We earn interest on stablecoin reserve assets and recognize that revenue on a gross basis. We recognize related stablecoin sponsor fees as an expense. Stablecoin sponsor fees increased by $66.7 million, or 171.5%, for the nine months ended September 30, 2026 compared to the same period in the prior year.

Previous wording

Interest income increased by $1.1 million, or 185.7%, for the six months ended June 30, 2026 compared to the same period in the prior year. The increase was primarily attributable to an increase in fiat treasury investments.

Current wording

Interest income increased by $1.5 million, or 144.8%, for the nine months ended September 30, 2026 compared to the same period in the prior year. The increase was primarily attributable to an increase in fiat treasury investments.

Previous wording

Digital assets sales costs increased by $1,916.5 million, or 84.3%, for the three months ended June 30, 2026 compared to the same period in the prior year. The increase was primarily attributable to higher transaction volumes driven by the expansion of trading pairs on the platform, increased activity from existing clients, and growth in the overall client base.

Current wording

Digital assets sales costs increased by $1,027.3 million, or 10.8%, for the nine months ended September 30, 2026 compared to the same period in the prior year. The increase was primarily attributable to higher transaction volumes driven by the expansion of trading pairs on the platform, increased activity from existing clients, and growth in the overall client base.

Previous wording

Stablecoin sponsor fees increased by $20.5 million for the three months ended June 30, 2026 compared to the same period in the prior year. The increase was driven by the launch of this new service in March 2025.

Current wording

Stablecoin sponsor fees increased by $66.7 million for the nine months ended September 30, 2026 compared to the same period in the prior year. The increase was driven by the launch of this new service in March 2025.

Previous wording

Interest expense increased by $8.9 million, or 303.9%, for the six months ended June 30, 2026 compared to the same period in the prior year. The increase in interest expense was primarily attributable to higher borrowings and related interest costs incurred to support the expansion of our lending product.

Current wording

Interest expense increased by $11.7 million, or 205.9%, for the nine months ended September 30, 2026 compared to the same period in the prior year. The increase in interest expense was primarily attributable to higher borrowings and related interest costs incurred to support the expansion of our lending product.

Previous wording

Compensation and benefits expenses increased by $6.0 million, or 25.6%, for the three months ended June 30, 2026 compared to the same period in the prior year, primarily driven by increased headcount as a result of our continued investments in research and development initiatives and go-to-market teams, as well as higher stock-based compensation expense, primarily related to the satisfaction of the performance vesting condition on outstanding RSUs upon completion of our IPO.

Current wording

Compensation and benefits expenses increased by $23.0 million, or 30.1%, for the nine months ended September 30, 2026 compared to the same period in the prior year, primarily driven by increased headcount as a result of our continued investments in research and development initiatives and go-to-market teams, as well as higher stock-based compensation expense, primarily related to the satisfaction of the performance vesting condition on outstanding RSUs upon completion of our IPO.

Previous wording

General and administrative expenses increased by $8.4 million, or 25.3%, for the six months ended June 30, 2026 compared to the same period in the prior year. The increase was driven primarily by higher audit and accounting fees, legal fees, conference and event costs, and dues and subscriptions.

Current wording

General and administrative expenses increased by $8.8 million, or 17.0%, for the nine months ended September 30, 2026 compared to the same period in the prior year. The increase was driven primarily by higher audit and accounting fees, legal fees, conference and event costs, and dues and subscriptions.