BitGo trims nearly 15% of workforce as it pivots to stablecoins, security and AI
BitGo Holdings announced on June 25 that it is cutting nearly 15% of its staff as the crypto custody and infrastructure provider narrows its focus on areas the company sees as core to future growth: security, trading, stablecoins, settlement and AI-powered infrastructure. CEO and co-founder Mike Belshe disclosed the move in a post on X and in a Form 8‑K filing with the U.S. Securities and Exchange Commission.
“Today I’m sharing a hard decision: we are reducing our workforce by nearly 15%,” Belshe wrote, saying the digital-asset ecosystem has “changed” and that BitGo needs to “be sharper” in how it builds financial services. He said affected employees had already been notified by managers and HR, urged remaining staff to support one another, and characterized the layoffs as “a one‑time action” with no anticipated further reductions.
How many roles were cut
BitGo has not published an exact headcount for the cuts. Its 2025 annual report listed 603 full‑time employees as of Dec. 31, 2025, which would suggest roughly 90 positions were impacted by a near‑15% reduction. Despite the layoffs, BitGo’s careers page still showed 51 open roles after the announcement across engineering, compliance, customer success, finance, marketing, sales, security and internal audit, spanning the U.S., Canada, India, Singapore, Dubai, Brazil and the U.K.
A strategic refocus, not a hiring freeze
The mix of cuts and active job listings indicates BitGo isn’t halting hiring outright but is reallocating talent to areas it deems higher priority — notably stablecoins, custody and settlement services, institutional trading, security, and new AI systems. That message mirrors previous moves: BitGo has been expanding into institutional DeFi and adding settlement services used by partners such as OKX for U.S. institutional clients.
Financial and market context
The layoffs come months after BitGo’s IPO. In January the company priced its public offering at $18 per share, raising roughly $212.8 million and implying a fully diluted valuation north of $2 billion. BitGo reported a 112.6% year‑over‑year jump in first‑quarter revenue to $3.77 billion, while its net loss widened to $60.7 million; management said digital asset sales and growth in its Stablecoin‑as‑a‑Service business were primary revenue drivers.
Market reaction has been mixed: BTGO shares closed at $4.80 on June 25, down about 4.8% for the day and well below the IPO price, adding pressure on the company to prove its public-market strategy can deliver growth while controlling costs.
Wider industry backdrop
BitGo’s cuts arrive amid a broad wave of tech downsizing in 2026. Layoffs.fyi reported more than 119,000 tech jobs eliminated across 196 companies this year, with many employers citing restructuring, market pressures and AI-driven shifts as they realign workforces.
What to watch
- Whether BitGo can translate its refocused investments in stablecoins, settlement and AI into stronger margins and growth that calm investor concerns.
- How remaining hiring and product pushes — particularly around custody, settlement and institutional trading — progress while the company integrates the reorganization.
- Any further commentary from management about cost targets and performance goals as the firm navigates public-market scrutiny.
Overall, BitGo’s move appears aimed at reallocating resources to areas where it sees the greatest long‑term opportunity in crypto infrastructure, even as it navigates the short‑term impacts of layoffs and a challenging public valuation.
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