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BitGo reported $4.3 billion in Q2 revenue, up 79.6% year over year, but still recorded a $19 million net loss. The quarter included an $18.8 million unrealized loss on digital assets. The revenue number looks enormous until the cost structure is examined. BitGo recorded approximately $4.29 billion in direct costs, while its digital-asset sales business produced a margin of only 17 basis points. Adjusted EBITDA was also negative at $4.2 million. My takeaway is that trading flow and economic value are not the same thing. For BitGo, I would focus less on gross revenue and more on take rates, recurring subscription income, custody monetization and Stablecoin-as-a-Service. Those areas will show whether institutional scale is translating into durable profitability rather than simply larger transaction volume. #CPIPPIEaseFedSplit #AIInfraEarningsWatch #SpaceX99%ValueFromAI $BTC $ETH $OKB