Crypto infrastructure firm BitGo lays off 15% of staff

Crypto infrastructure company BitGo Holdings laid off about 15% of its staff on Thursday as its CEO pledged to focus the company on areas including trading, stablecoins and artificial intelligence-powered infrastructure.

“Today I’m sharing a hard decision: we are reducing our workforce by nearly 15%,” BitGo co-founder and CEO Mike Belshe posted to X on Thursday. “The ecosystem has evolved, and the way we build financial services has changed dramatically.”

“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,” he added.

The layoffs add to the thousands of jobs lost in the crypto industry so far in 2026, with many companies citing efficiency gains from AI and a wide crypto market slump as the reason for the cuts.

Source: Mike Belshe

BitGo did not confirm the number of staff affected in the layoffs. Its 2025 annual report published in March disclosed it had 603 full-time employees as of Dec. 31, 2025, meaning the layoffs could have impacted about 90 staff.

Belshe said the layoffs were “a one-time action” and BitGo does not “anticipate further reductions.” The company is still hiring for 51 roles across various regions, according to its job board.

BitGo did not immediately respond to a request for comment.

Shares in BitGo (BTGO) closed Thursday down 4.67% at $4.80, extending a nearly 73% slide from its public debut at $18 on Jan. 22.

Shares in BitGo on Thursday slid more than 4.5% after the company announced it cut 15% of its staff. Source: Google Finance

Crypto companies have so far cut more than 5,000 jobs this year, with Block Inc. undertaking the biggest round of layoffs by cutting 4,000 staff or about half its workforce in February.

Robinhood cut 10% of its workforce on June 16, while in May, crypto exchange Kraken cut 150 staff, data company Dune cut 25% of its workforce and Coinbase cut 700 employees, or about 14% of its workforce.

Earlier this year, Gemini laid off 200 employees and Crypto.com also laid off about 180 staff, with both citing the rising use of AI.

So far this year, the wider US technology sector has seen over 121,500 layoffs from over 200 companies, according to Layoffs.fyi.