BitGo's third-quarter revenue fell to about half the level of a year earlier as digital asset trading slowed, The Block reported on Monday.

BitGo posted third-quarter revenue of $2.85 billion, the report said. That was down 50.9 percent from a year earlier and 34.1 percent from the previous quarter.

The drop in digital asset sales was pronounced. Digital asset sales fell 52 percent from a year earlier and 35.2 percent from the previous quarter.

The company said weakness in the cryptocurrency trading market continued and the share of low-margin stablecoin trades increased. Revenue after subtracting direct costs was $37.3 million, down 32.1 percent from a year earlier.

Net profit rose to $44.1 million from $22.7 million a year earlier. The impact was largely due to $71.5 million in unrealised gains from digital assets held. BitGo held 2,399 bitcoins as of Sept. 30. The valuation was $204 million.

Operating loss was $19.2 million, and adjusted EBITDA loss was $4.3 million.

Mike Belshe (마이크 벨시), BitGo CEO, said, “In the third quarter, we continued to strengthen our position as an institutional digital asset infrastructure platform.” He cited the Go Network, an institutional payments and trading infrastructure, and the tokenised stock business as key achievements. Belshe said there is a big opportunity to expand access to U.S. stocks through existing digital asset and stablecoin networks.