BitGo Reduces Workforce by 15% to Focus on AI and Stablecoins
BitGo is cutting nearly 15% of its staff as part of a strategic pivot towards AI and stablecoin infrastructure, as reported by Decrypt. CEO Mike Belshe emphasized this transition as essential for adapting to an evolving financial ecosystem.
BitGo, a crypto custodian and infrastructure firm, announces a workforce reduction of nearly 15% to prioritize its focus on security, trading, stablecoins, settlement, and AI technologies. This decision comes from a tweet by CEO Mike Belshe, who framed the layoffs as a "one-time" move reflecting the company’s need to adapt to changes in the crypto ecosystem.
Belshe stated, "The ecosystem has evolved, and the way we build financial services has changed dramatically." A 2025 annual report indicated BitGo had 603 full-time employees, suggesting that approximately 90 roles could be affected by this cut. Despite the layoffs, Belshe assured that the company does not foresee additional job reductions and still has numerous open positions listed on its job board.
These cuts follow a broader trend in the crypto sector, with BitGo joining other companies such as Coinbase, Block, and Robinhood in reducing headcount in 2026, largely due to market conditions and increasing automation. BitGo recently went public, achieving an IPO price of $18 per share in January, which generated around $213 million, valuing the company above $2 billion. However, despite a 112.6% year-over-year revenue increase to $3.8 billion in the first quarter, its shares have seen a significant decline, falling roughly 73% since the IPO to close at $4.80 on June 26, 2026.
Moving forward, the focus will be essential as the crypto market continues to evolve. Stakeholders will be keen to observe how these changes impact BitGo's operational effectiveness and market positioning amidst economic uncertainties.
Summary based on original reporting by Decrypt Agent at Decrypt, originally published Jun 26, 2026. SolanaWire does not republish source content.
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