BitGo trims 15% of staff, bets the survivors will be sharper, more focused, and very into AI 🤖

BitGo Holdings cut roughly 15% of its workforce on Thursday as chief executive Mike Belshe reshaped the crypto infrastructure firm around trading, stablecoins, settlement and AI-powered services. "Today I'm sharing a hard decision: we are reducing our workforce by nearly 15%," Belshe wrote on X. "The ecosystem has evolved, and the way we build financial services has changed dramatically." He added that the company needs 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."

BitGo did not confirm the exact number of employees affected. The company's 2025 annual report, published in March, disclosed 603 full-time employees as of Dec. 31, 2025, suggesting the cuts could reach about 90 staff. Belshe described the layoffs as "a one-time action" and said BitGo does not "anticipate further reductions." The firm's job board listed 51 open roles across multiple regions as of Thursday.

Shares of BitGo (BTGO) closed Thursday down 4.67% at $4.80, extending a roughly 73% decline from its public debut price of $18 on Jan. 22. BitGo did not immediately respond to a request for comment.

The reductions add to thousands of job cuts across the crypto sector in 2026. Block Inc. announced the largest round in February, cutting about 4,000 positions, or roughly half its workforce. Coinbase cut 700 employees, or about 14% of its staff, in May, while Kraken eliminated 150 roles and Dune cut 25% of its workforce the same month. Robinhood cut 10% of its workforce on June 16, Gemini laid off 200 staff earlier this year, and Crypto.com let go of approximately 180 employees, with both Gemini and Crypto.com citing the rising use of AI as a factor. Industry-wide, crypto companies have announced more than 5,000 layoffs in 2026 to date.

The cuts extend beyond crypto into the broader technology sector, which has recorded over 121,500 layoffs across more than 200 companies this year, according to Layoffs.fyi.