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Bitgo Holdings vs Circle Internet Group: BTGO and CRCL compared
Bitgo Holdings is the larger company: $2.9B of revenue in its latest quarter (Q3 FY27) against $865M for Circle Internet Group (Q3 2026). Circle Internet Group is growing faster (+17% against -51% a year earlier). Circle Internet Group is more profitable, with an operating margin of 24.1% against -0.7%.
Where the money goes: BTGO and CRCL
Bitgo Holdings (BTGO) · Q3 FY27
Bitgo Holdings, Q3 FY27: revenue $2.9B (-51% year over year), operating margin -0.7%, net earnings $44.1M, operating cash flow −$18.5M. The chart follows the revenue to costs, profit and cash.
Circle Internet Group (CRCL) · Q3 2026
Circle Internet Group, Q3 2026: revenue $865M (+17% year over year), operating margin 24.1%, net earnings $226M, operating cash flow −$15.5M. The chart follows the revenue to costs, profit and cash.
| Bitgo Holdings (BTGO) | Circle Internet Group (CRCL) | |
|---|---|---|
| Latest quarter | Q3 FY27 | Q3 2026 |
| Revenue | $2.9B | $865M |
| Revenue growth, Y/Y | -51% | +17% |
| Operating margin | -0.7% | 24.1% |
| Net earnings | $44.1M | $226M |
| Net margin | 1.5% | 26.1% |
| Operating cash flow | −$18.5M | −$15.5M |
| Market value | $560M | $18.2B |
| P/E | — | 14.7× |
| Analysts’ mean target | $10.38 | $105.43 |
Where the revenue comes from
Circle Internet Group
- Other revenues: $658M (76%)
- Other: $182M (21%)
- Subscription and services: $19.6M (2%)
- Transaction revenue: $5.3M (1%)
Questions
Which is bigger, Bitgo Holdings or Circle Internet Group?
Bitgo Holdings is the larger company: $2.9B of revenue in its latest quarter (Q3 FY27) against $865M for Circle Internet Group (Q3 2026).
Is Bitgo Holdings or Circle Internet Group growing faster?
Circle Internet Group is growing faster (+17% against -51% a year earlier).
Which is more profitable, Bitgo Holdings or Circle Internet Group?
Circle Internet Group is more profitable, with an operating margin of 24.1% against -0.7%.
More: Bitgo Holdings earnings · how Bitgo Holdings makes money · Circle Internet Group earnings · how Circle Internet Group makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 9, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.