BitGo, a crypto custody and infrastructure firm, will eliminate close to 15% of its workforce, CEO Mike Belshe revealed Thursday via a post on X and a filing with the U.S. Securities and Exchange Commission.
The move signals how rapidly digital asset companies have shifted toward automation. Belshe described the decision as a “one-time action” and said no additional layoffs remain on the horizon. He framed the restructuring as a refocusing on security, trading, stablecoins, settlement, and what he called “AI-powered infrastructure.”
The company declined to specify exactly how many positions disappeared. However, its 2025 annual report listed 603 full-time employees, which suggests roughly 90 roles got cut. BitGo’s job board still shows dozens of open positions.
These reductions arrive just months after BitGo’s public debut. The company priced its IPO at $18 per share in January, raising about $213 million at a valuation above $2 billion. First-quarter revenue then climbed 112.6% year over year to $3.8 billion, yet net losses widened.
Wall Street showed little enthusiasm. BTGO shares dropped nearly 5% on Thursday, closing at $4.80. That puts the stock roughly 73% below its IPO price.
BitGo now joins a growing list of crypto and tech firms trimming headcount in 2026. Jack Dorsey’s Block slashed 4,000 jobs in February, roughly 40% of its staff, pointing to greater reliance on automation and AI tools. Coinbase cut 14% of its workforce in May, while Dune Analytics eliminated a quarter of its staff. Robinhood followed in June, trimming 10% amid a crypto revenue crunch.
Across the broader tech sector, more than 120,000 jobs have vanished since January. Microsoft and PayPal both cited AI as a key factor behind their downsizing decisions. Meanwhile, some observers contend AI serves as a convenient explanation for layoffs driven primarily by a market downturn.
The industry-wide pullback raises questions about how many more firms will follow BitGo’s lead. For now, Belshe insists the restructuring positions the company for sharper execution in a transformed financial services landscape.
