BitGo Chief Financial Officer Edward Reginelli will resign effective Sept. 15, the digital-asset infrastructure company disclosed on Aug. 12. In the same announcement, BitGo reported a $19.0 million second-quarter net loss, reversing a $38.3 million profit a year earlier even as revenue climbed 79.6% to $4.33 billion.
BitGo's Form 8-K says Reginelli notified the board on Aug. 10. The company said his resignation did not result from a disagreement over its operations, policies or practices, and that it had begun a formal search for a successor. Reginelli is expected to remain in an advisory role after his departure.
The net loss narrowed from $60.7 million in the first quarter. However, adjusted EBITDA swung to a $4.2 million loss from a $3.0 million gain a year earlier and deteriorated from a $1.7 million loss in the prior quarter, according to the earnings release.
Most of BitGo's revenue passed through as direct trading costs. Digital Asset Sales produced $4.20 billion of revenue and $4.19 billion of direct costs, leaving a company-stated quarterly margin of about $7.1 million. Its unit margin fell to 17 basis points from 32 basis points in the first quarter and 19 basis points a year earlier.
