BitGo Cuts Nearly 15% of Workforce to Prioritize AI and Stablecoin Infrastructure

BitGo cut nearly 15% of its staff on June 25. CEO Mike Belshe announced the layoffs in a public statement and in an 8-K filing with the SEC. The company will focus on artificial intelligence and stablecoin infrastructure, Belshe said.

The cuts affected roughly 15% of the workforce. BitGo did not release the exact headcount. Belshe said the company is narrowing its strategic focus to these two areas, shifting resources from other projects.

Belshe said BitGo will redirect resources to product development in stablecoins and AI. Stablecoin services include issuance and payment processing. AI tools are used for compliance and trade execution, he said.

The stablecoin market has expanded rapidly, with major issuers like Circle and Tether driving demand for custody and settlement infrastructure. AI adoption in crypto is also rising, with firms deploying machine learning for fraud detection and trading.

The 8-K filing gives investors and counterparties a public view of the restructuring. The filing was submitted June 25, the same day as the public statement. Belshe said the move is strategic, not a reaction to financial pressure.

The SEC filing did not specify a timeline for the workforce reduction or expected cost savings.