Who Will Control the Infrastructure Behind Digital Finance?

This week overview (May 11 - May 15, 2026)

• BitGo reported $3.8 billion in Q1 revenue, up more than 112% year-over-year, as institutional demand for custody, stablecoins, and tokenized asset infrastructure continued accelerating. 
  

• JPMorgan launched JLTXX, a new Ethereum-based tokenized money market fund built around stablecoin reserve requirements under the GENIUS Act, further expanding its onchain treasury infrastructure strategy. 
  

• Exodus posted Q1 revenue of $22.7 million, down 37% year-over-year, as weaker crypto trading activity pressured its exchange-driven business model and widened net losses to $32.1 million. 
  

• OKX is reportedly acquiring a 20% stake in South Korean exchange Coinone, adding to the growing consolidation wave reshaping Asia’s regulated crypto market.

BitGo: Scaling Institutional Crypto Infrastructure

BitGo reported a sharp acceleration in business activity in its first earnings report since going public, with Q1 revenue more than doubling year-over-year to $3.8 billion as institutional demand for crypto infrastructure continues expanding. 

Growth was driven primarily by digital asset sales, which reached $3.7 billion, alongside rising contribution from staking, subscription services, and the company’s Stablecoin-as-a-Service business, where revenue climbed 43.6% sequentially to $38.2 million. At the same time, BitGo’s net loss widened to $60.7 million, largely tied to mark-to-market impacts on its bitcoin treasury and IPO-related compensation expenses rather than core operating weakness. The company also launched new infrastructure products during the quarter, including BitGo Mint for institutional stablecoin issuance and a derivatives platform that generated roughly $3 billion in notional trading volume. 

"As institutional adoption of digital assets continues to accelerate, we are investing to ensure BitGo not only scales its core infrastructure, but also remains positioned to lead in emerging areas such as stablecoins and tokenized assets, which we believe will define the next phase of digital finance," BitGo CEO Mike Belshe said. 

JPMorgan: Building Stablecoin Reserve Rails on Ethereum

JPMorgan is expanding deeper into tokenized finance with the launch of JLTXX, a new Ethereum-based money market fund built around stablecoin reserve requirements under the GENIUS Act.

The fund will invest in short-duration U.S. Treasurys and overnight repo agreements, effectively creating a blockchain-native liquidity layer for compliant stablecoin issuers. Managed through JPMorgan’s Kinexys Digital Assets unit, JLTXX becomes the bank’s second tokenized money market product on Ethereum, following the launch of MONY, but with a more direct focus on reserve infrastructure tied to regulated stablecoins.

Exodus: Transitioning Beyond Trading-Dependent Revenue

Exodus, a self-custody wallet provider, reported Q1 2026 revenue of $22.7 million, down 37% year-over-year, as weaker trading activity hit its core exchange business. Aggregated exchange revenue fell more than 40%, while quarterly trading volume dropped to $1.18 billion, reflecting how closely the company’s current model remains tied to market volatility and transaction flow. Net losses widened to $32.1 million as crypto trading demand continued to soften across the sector.

OKX: Expanding Into South Korea’s Regulated Exchange Market

OKX is moving deeper into South Korea’s regulated crypto market through a reported plan to acquire a 20% stake in Coinone alongside Korea Investment & Securities.

The deal would make OKX only the second major global exchange to secure significant ownership in a South Korean trading platform after Binance’s investment in Gopax, reflecting how international players are positioning ahead of tighter digital asset regulation and growing institutional participation in Asia. Coinone remains one of the country’s few exchanges licensed for fiat-to-crypto trading, even as the market continues to be dominated by Upbit and Bithumb.

The move also comes amid a broader consolidation wave across South Korea’s crypto sector.

Hana Financial recently disclosed a major investment into Upbit parent Dunamu, while Mirae Asset acquired a controlling stake in Korbit earlier this year.