BitGo cuts 15% of staff, shifts to stablecoins and AI

BitGo Holdings laid off nearly 15% of its workforce on June 25, redirecting spending toward stablecoin settlement, institutional trading, and AI-powered infrastructure. CEO Mike Belshe posted the news on X and filed it with the SEC in a Form 8-K.

“Today I’m sharing a hard decision: we are reducing our workforce by nearly 15%,” Belshe wrote. He said the digital asset sector had shifted and BitGo needed sharper focus.

The company's 2025 annual report listed 603 full-time employees as of Dec. 31. A nearly 15% reduction would remove about 90 roles. BitGo has not confirmed the exact headcount. Belshe said affected workers had already spoken with managers and HR before the public notice.

The layoffs come five months after BitGo's IPO. The company priced 11.82 million shares at $18 in January, raising $212.8 million and valuing the firm above $2 billion on a fully diluted basis. BTGO stock closed at $4.80 on June 25, down 4.76% for the session and well below the IPO price. That slide adds pressure as BitGo tries to demonstrate that the public listing supports growth without runaway costs.

BitGo’s first-quarter revenue rose 112.6% to $3.77 billion, according to a May filing. Net loss widened to $60.7 million. Most of the revenue came from digital asset sales; stablecoin-as-a-service revenue also grew from the prior quarter. Belshe’s note pointed to security, trading, stablecoins, settlement, and AI as the new priorities.

Despite the cuts, BitGo's job board still carried 51 open roles after the layoff announcement. Openings span engineering, compliance, customer success, finance, marketing, sales, security, and internal audit across the U.S., Canada, India, Singapore, Dubai, Brazil, and the U.K. The mix suggests BitGo is closing some positions while opening others that match its refocused plan.

BitGo has been pushing into institutional DeFi through partnerships with Aave, Spark, and Tesseract. OKX added BitGo’s off-exchange settlement service for U.S. institutional clients earlier this year. Those moves underline why settlement, custody, and institutional trading remain central to the strategy after the reorganisation.

Tech layoffs across the broader market have surpassed 119,000 in 2026 across 196 tracked companies, according to Layoffs.fyi. Many firms cite restructuring and AI-related shifts as they reallocate headcount. BitGo’s cuts follow the same pattern.