BitGo Holdings has cut nearly 15% of its workforce as the crypto infrastructure firm redirects resources toward security, trading, stablecoins, settlement and AI-powered infrastructure.
Summary
- BitGo still lists 51 openings, showing the cuts target roles outside its priority growth areas.
- Belshe framed layoffs as one-time while moving staff focus toward stablecoins, settlement and AI infrastructure.
- Shares remain far below IPO price as BitGo tries to balance growth, losses and restructuring.
CEO and co-founder Mike Belshe announced the decision in a June 25 post on X. BitGo also filed the post with the U.S. Securities and Exchange Commission as part of a Form 8-K disclosure.
“Today I’m sharing a hard decision: we are reducing our workforce by nearly 15%,” Belshe wrote.
He said the digital asset sector has changed and that BitGo needs to become more focused.
BitGo CEO says cuts are one-time
The company has not confirmed the exact number of workers affected. Its 2025 annual report showed 603 full-time employees as of Dec. 31, 2025. Based on that figure, a nearly 15% cut would equal about 90 roles.
Belshe said affected workers had already heard from their managers and human resources before the message became public. He also told remaining staff to support each other during the reorganization. He described the layoffs as “a one-time action” and added that BitGo does not “anticipate further reductions.”
Moreover, the staff reduction comes months after BitGo entered public markets. As previously reported, BitGo priced its IPO at $18 per share in January, raising about $212.8 million and placing its valuation above $2b on a fully diluted basis.
As crypto.news reported in May, BitGo’s first-quarter revenue rose 112.6% to $3.77b, while its net loss widened to $60.7m. The company said digital asset sales drove most of its revenue. Stablecoin service growth also played a role, with Stablecoin-as-a-Service revenue rising from the prior quarter.
Hiring continues in selected roles
BitGo’s job board still listed 51 open roles after the layoff notice. The openings include roles in engineering, compliance, customer success, finance, marketing, sales, security and internal audit. The listings cover several regions, including the U.S., Canada, India, Singapore, Dubai, Brazil and the U.K.
The open roles suggest BitGo is not stopping hiring across the business. Instead, the company appears to be cutting some positions while adding others that fit its new focus. That approach matches Belshe’s message about concentrating people and resources in areas tied to security, trading, stablecoins, settlement and AI systems.
Market pressure follows public debut
BTGO shares closed at $4.80 on June 25, down 4.76% for the session, according to Google Finance. The stock remains far below its $18 IPO price from January. That decline adds market pressure as BitGo tries to show that its public listing can support growth while costs stay under control.
Previously, crypto.news explored BitGo’s expansion into institutional DeFi through Aave, Spark and Tesseract. In a previous article, crypto.news discussed OKX adding BitGo’s off-exchange settlement service for U.S. institutional clients. Those moves show why settlement, custody and institutional trading remain central to BitGo’s plan after the layoffs.
BitGo’s cuts also come as tech layoffs continue across the broader market. Layoffs.fyi shows more than 119,000 tech workers have lost jobs across 196 companies in 2026. Many companies have cited restructuring, market pressure and AI-related changes as they review staffing needs.
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