Summary
- BitGo, a firm specializing in crypto custody and infrastructure, is set to reduce its workforce by nearly 15%, as announced by CEO Mike Belshe on Thursday, describing this as a "one-time" adjustment.
- Belshe indicated that the layoffs are part of a strategic shift towards enhancing security, trading, stablecoins, settlement, and "AI-powered infrastructure."
- The company joins others in the crypto sector, such as Coinbase, Block, and Robinhood, who have also implemented job cuts in response to market conditions and AI advancements.
BitGo has become another crypto organization adjusting its workforce as it pivots towards artificial intelligence.
In a tweet shared on Thursday, co-founder and CEO Mike Belshe revealed that the company will decrease its staff by nearly 15%, a decision that was also reported to the U.S. Securities and Exchange Commission (SEC).
Today I'm sharing a hard decision: we are reducing our workforce by nearly 15%.
I want to be straight with you about why. The ecosystem has evolved, and the way we build financial services has changed dramatically. To keep winning for our clients, we need to be sharper, more…
— Mike Belshe (@mikebelshe) June 25, 2026
Belshe emphasized that the business landscape has shifted, necessitating a focus on "security, trading, stablecoins, settlement, and AI-powered infrastructure."
While BitGo did not specify the exact number of positions affected, its 2025 annual report indicated it had 603 full-time employees, suggesting that around 90 jobs may be lost. Belshe characterized this as "a one-time action," assuring that no further layoffs are on the horizon, and noted that the company still has numerous job openings available.
This announcement follows BitGo's IPO earlier this year, where it priced shares at $18, raising approximately $213 million and achieving a valuation exceeding $2 billion. The company's first-quarter revenue saw a significant increase of 112.6% year-over-year, reaching $3.8 billion, despite wider net losses.
Investor reaction was tepid, as BitGo's stock, trading under the symbol BTGO, dropped nearly 5% on Thursday, closing at $4.80, which is about 73% lower than its IPO price, according to Yahoo! Finance.
BitGo is part of a broader trend in the crypto and technology sectors, which are experiencing substantial workforce reductions in 2026. For example, Jack Dorsey's Block cut 4,000 jobs in February, representing nearly 40% of its workforce, attributing it to increased automation and AI reliance. Coinbase also reduced its workforce by 14%, while crypto data company Dune let go of 25% of its employees. Furthermore, Robinhood trimmed 10% of its staff in response to declining crypto revenues.
In the broader tech landscape, over 120,000 jobs have been eliminated since the year's beginning, with companies like Microsoft and PayPal citing AI as a significant factor driving these layoffs. The extent to which AI is the primary cause remains debated, with some analysts suggesting that it serves as a convenient rationale during a challenging market period.