Crypto infrastructure company BitGo is cutting nearly 15% of its workforce as it restructures the business around key growth areas, including digital asset security, trading, stablecoins, settlement services and AI-powered infrastructure.
Chief Executive Officer and co-founder Mike Belshe announced the decision in a June 25 post on X, which was also filed with the U.S. Securities and Exchange Commission through a Form 8-K filing.
BITGO $BTGO LAYOFFS
IPO’d six months ago, now it’s cutting 15% of staff.
CEO says the company is refocusing on security, trading, stable coins, settlement, and AI.
Stock down ~73% since IPO.
They join Coinbase and other crypto companies cutting in 2026 as market bleeds. https://t.co/Z0AvY6wOgv pic.twitter.com/7ThLDZFTFg
— LayoffHedge (@LayoffAI) June 26, 2026
Belshe said the crypto industry has changed significantly, making it necessary for the company to focus its resources on areas that support its long-term strategy. He described the layoffs as a one-time move and said BitGo does not expect additional workforce reductions.
BitGo has not disclosed how many employees were affected. However, the company’s 2025 annual report showed it had 603 full-time employees as of December 31, 2025, suggesting that nearly 90 positions may have been eliminated.
Why is BitGo reducing its workforce?
According to Belshe, affected employees were informed before the public announcement through discussions with their managers and human resources teams.
The restructuring comes as BitGo adjusts its operations following its public market debut earlier this year. The company raised about $212.8 million through its January initial public offering, pricing shares at $18 each and reaching a valuation of more than $2 billion on a fully diluted basis.
The layoffs show BitGo’s effort to direct more resources toward businesses it believes will drive future growth in the crypto sector.
BitGo keeps hiring despite layoffs
While reducing staff in some areas, BitGo is continuing to recruit for positions that fit its new priorities.
The company’s careers page still lists 51 open roles across engineering, compliance, finance, sales, security, customer success, marketing and internal audit. The vacancies span several countries, including the United States, Canada, India, Singapore, Dubai, Brazil and the United Kingdom.
The hiring activity suggests BitGo is reshaping its workforce rather than freezing recruitment, with new roles supporting its focus on custody, institutional trading, stablecoins and settlement infrastructure.
Market pressure grows after IPO
The restructuring follows a mixed financial period for the company. BitGo reported first-quarter revenue of $3.77 billion, up 112.6% from the previous year, driven largely by digital asset sales and growth in its Stablecoin-as-a-Service business. However, its quarterly net loss widened to $60.7 million.
BitGo’s shares closed at $4.80 on June 25, down 4.76% for the day and well below the company’s $18 IPO price.
The layoffs also come as technology companies continue to trim their workforces. Industry tracker Layoffs.fyi reports that more than 119,000 tech workers have been laid off across 196 companies in 2026 as businesses respond to market conditions, restructuring efforts and increased investment in AI.
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