BitGo cuts 15% of staff, refocuses on AI and stablecoins

On Thursday, crypto infrastructure firm BitGo announced a reduction of about 15% of its workforce, roughly 90 employees, in a post by CEO Mike Belshe on X. Belshe wrote the company must “be sharper, more focused” and concentrate on security, trading, stablecoins, settlement and AI-powered infrastructure.

Belshe described the cuts as “a one-time action” and added that BitGo does not “anticipate further reductions.” The company did not immediately confirm the exact number of staff affected.

BitGo’s 2025 annual report showed 603 full-time employees as of Dec. 31, 2025, which corresponds to about 90 roles at a 15% reduction rate. The company’s careers page lists 51 open positions across multiple regions. BitGo did not respond to a request for additional comment.

Shares of BitGo (BTGO) fell more than 4.5% on the day of the announcement and closed down 4.67% at $4.80, extending a near 73% decline from the stock’s $18 public debut on Jan. 22.

The layoffs add to broader cuts across the crypto industry in 2026. More than 5,000 crypto roles have been eliminated this year. Major reductions include Block Inc.’s cut of about 4,000 jobs, a 10% reduction at Robinhood in June, and job losses at Kraken, Dune, Coinbase, Gemini and Crypto.com that together removed hundreds to thousands of positions. Many companies have cited efficiency gains from artificial intelligence and a prolonged market slump when explaining workforce changes.

Founded as a digital-asset custody and infrastructure provider, BitGo has shifted its product mix toward trading and settlement services while increasing emphasis on stablecoins and AI-enhanced infrastructure. Company leaders said the staffing changes are intended to reallocate talent and capital to those business lines while maintaining a focus on security.