BitGo Cuts Workforce by 15% Amid Strategic Shift to Stablecoins and AI
Cryptocurrency infrastructure provider BitGo has eliminated approximately 15% of its workforce, affecting roughly 90 employees, as the company pivots its strategic focus toward stablecoin services and AI-driven infrastructure solutions.
BitGo Holdings, a provider of cryptocurrency infrastructure services, eliminated approximately 15% of its workforce on Thursday as CEO Mike Belshe announced plans to refocus company resources on key areas such as trading operations, stablecoin technology, and infrastructure powered by artificial intelligence.
"Today I'm sharing a hard decision: we are reducing our workforce by nearly 15%," BitGo co-founder and CEO Mike Belshe posted to X on Thursday. "The ecosystem has evolved, and the way we build financial services has changed dramatically."
"We need to be sharper, more focused, and concentrate our people and energy on the areas that matter most: security, trading, stablecoins, settlement, and AI-powered infrastructure," he added.
The workforce reduction contributes to the growing number of job losses throughout the cryptocurrency sector in 2026, with numerous firms attributing their downsizing decisions to operational improvements driven by AI technology and a widespread decline across crypto markets.
The company declined to provide specific numbers regarding how many employees were affected by the workforce reduction. According to BitGo's 2025 annual report released in March, the firm employed 603 full-time workers as of Dec. 31, 2025, which suggests approximately 90 employees may have been impacted by the layoffs.
Belshe said the layoffs were "a one-time action" and BitGo does not "anticipate further reductions." The company is still hiring for 51 roles across various regions, according to its job board.
BitGo did not immediately respond to a request for comment.
Shares in BitGo (BTGO) closed Thursday down 4.67% at $4.80, extending a nearly 73% slide from its public debut at $18 on Jan. 22.
Companies operating in the cryptocurrency space have eliminated more than 5,000 positions so far this year, with Block Inc. leading the industry in layoff magnitude by terminating 4,000 employees, representing approximately half of its total workforce, during February.
Robinhood cut 10% of its workforce on June 16, while in May, crypto exchange Kraken cut 150 staff, data company Dune cut 25% of its workforce and Coinbase cut 700 employees, or about 14% of its workforce.
Earlier this year, Gemini laid off 200 employees and Crypto.com also laid off about 180 staff, with both citing the rising use of AI.
So far this year, the wider US technology sector has seen over 121,500 layoffs from over 200 companies, according to Layoffs.fyi.