BitGo Implements 15% Workforce Reduction to Prioritize AI and Stablecoin Initiatives
Mike Belshe, CEO and co-founder of BitGo, characterizes the workforce reduction as "a one-time action" and states the organization does not anticipate additional personnel cuts going forward.
Digital asset infrastructure provider BitGo Holdings implemented workforce reductions affecting approximately 15% of its employees on Thursday, with the company's chief executive announcing a strategic pivot toward trading, stablecoins, and artificial intelligence applications.
"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.
These workforce reductions contribute to the several thousand positions eliminated across the cryptocurrency sector thus far in 2026, with numerous firms pointing to productivity improvements from artificial intelligence and a broad cryptocurrency market downturn as justification for the personnel cuts.
The company declined to verify the precise number of employees impacted by the workforce reduction. BitGo's annual report for 2025, which was made public in March, revealed the company employed 603 full-time workers as of Dec. 31, 2025, which suggests the layoffs may have affected approximately 90 employees.
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.
The company's stock (BTGO) finished Thursday's trading session down 4.67% at $4.80, continuing a nearly 73% decline from its initial public offering price of $18 on Jan. 22.
Cryptocurrency industry companies have eliminated more than 5,000 positions so far this year, with Block Inc. executing the largest single round of workforce reductions by eliminating 4,000 employees or roughly half its total staff in February.
On June 16, Robinhood eliminated 10% of its workforce, while in May, digital currency exchange Kraken reduced its staff by 150, analytics platform Dune cut 25% of its workforce and Coinbase eliminated 700 employees, or about 14% of its workforce.
In the earlier part of this year, Gemini reduced its headcount by 200 employees and Crypto.com also eliminated approximately 180 positions, with both organizations attributing the cuts to the increasing adoption of AI.
Throughout this year, the broader US technology sector has experienced more than 121,500 job eliminations across over 200 companies, based on data from Layoffs.fyi.