Hassan Maishera
TL;DR
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BitGo CEO Mike Belshe announced that the company is reducing its workforce by 15%.
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The company said it will now focus on key areas, including security, trading, stablecoins, settlement, and AI-powered infrastructure.
BitGo Announces 15% Workforce Reduction
Crypto custody and infrastructure provider BitGo has reduced its workforce by approximately 15% as the company restructures to focus on key growth areas, including artificial intelligence, stablecoins, and digital asset infrastructure.
In a post on social media platform X, BitGo CEO Mike Belshe said the layoffs reflect changes in the digital asset industry and the company's evolving business priorities.
"The ecosystem has evolved, and the way we build financial services has changed dramatically," Belshe wrote. "To keep winning for our clients, we need 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."
Today I'm sharing a hard decision: we are reducing our workforce by nearly 15%.
— Mike Belshe (@mikebelshe) June 25, 2026
I want to be straight with you about why. The ecosystem has evolved, and the way we build financial services has changed dramatically. To keep winning for our clients, we need to be sharper, more…
Belshe added that the company does not currently expect additional rounds of layoffs. BitGo has not disclosed how many employees were affected.
The workforce reduction highlights a broader strategic shift as BitGo prioritizes investment in technologies it believes will drive the next phase of digital asset infrastructure.
According to Belshe, the company intends to concentrate resources on expanding its security offerings, trading services, stablecoin infrastructure, settlement technology, and AI-powered financial products.
The restructuring follows a growing trend among cryptocurrency firms that are reallocating resources toward artificial intelligence while streamlining traditional operations.
Revenue Surges Despite Widening Quarterly Losses
The layoffs come shortly after BitGo reported strong revenue growth but a significantly larger net loss during the first quarter.
According to the company's financial update released last month, first-quarter revenue increased 112.6% year over year to $3.8 billion following its initial public offering in January.
Despite the revenue growth, BitGo reported a net loss of $60.7 million, compared with a loss of $25.7 million during the same period last year.
The company attributed the larger loss primarily to non-cash mark-to-market adjustments on its Bitcoin treasury holdings and higher stock-based compensation expenses related to its IPO.
At the time, Belshe reaffirmed BitGo's commitment to investing in its core infrastructure while expanding into emerging markets such as stablecoins and tokenized assets.
BitGo's workforce reduction reflects a wider trend emerging across the digital asset sector, where companies are increasingly restructuring around artificial intelligence.
Several crypto firms have announced layoffs in recent months as they seek to improve operational efficiency and accelerate AI adoption.
Last month, Coinbase reduced its workforce by 14% as part of its transition toward AI-native operations. During the same period, blockchain analytics platform Dune cut approximately one-quarter of its staff while expanding its AI capabilities.
Earlier this year, Jack Dorsey's Block also implemented workforce reductions as part of its strategic realignment.
The growing emphasis on AI suggests that many cryptocurrency companies view automation and intelligent infrastructure as critical components of their long-term growth strategies.
