BitGo is the latest crypto firm to trim headcount as it pivots toward AI-driven products and core infrastructure. The custody and crypto-infrastructure provider said Thursday it will eliminate nearly 15% of its workforce, CEO and co-founder Mike Belshe announced in a tweet and an SEC filing.
“The ecosystem has evolved, and the way we build financial services has changed dramatically,” Belshe wrote, saying BitGo will concentrate on “security, trading, stablecoins, settlement, and AI-powered infrastructure.” The company did not provide an exact headcount of affected employees; BitGo’s 2025 annual report listed 603 full-time staff, implying the cuts would affect roughly 90 roles. Belshe described the reductions as “a one-time action” and said the company does not expect further layoffs. BitGo’s job board meanwhile still lists dozens of openings.
The move comes months after BitGo’s public debut. The company priced its IPO at $18 a share in January, raising about $213 million and establishing a valuation above $2 billion. Its first-quarter revenue jumped 112.6% year-over-year to $3.8 billion, although net losses widened. Investors reacted negatively: BitGo shares (BTGO) fell nearly 5% on Thursday to close at $4.80, about 73% below the IPO price, according to Yahoo! Finance.
BitGo’s cuts mirror a broader wave of downsizing across crypto and tech this year. High-profile reductions include Jack Dorsey’s Block, which cut roughly 4,000 jobs (about 40%) in February; Coinbase’s 14% workforce reduction in May; crypto analytics firm Dune trimming about a quarter of staff; and Robinhood cutting about 10% amid a slump in crypto revenue. Across tech, more than 120,000 positions have been eliminated since January, with companies such as Microsoft and PayPal citing automation and AI as central to restructuring decisions.
Whether AI is the principal cause of these layoffs remains contested. Some executives point to automation and AI tools as enablers of leaner operations; others argue the industry downturn and broader cost pressures are the dominant forces. For BitGo, the message is clear: the company is doubling down on security and AI-led infrastructure as it restructures to compete in a changing market.
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