BitGo Lays Off 15% of Staff as CEO Pledges Shift Toward AI and Stablecoin Infrastructure

BitGo has cut roughly 15% of its staff, with CEO and co-founder Mike Belshe framing the move as a strategic reset rather than a sign of trouble.

“The ecosystem has evolved, and the way we build financial services has changed dramatically,” Belshe posted to X on Thursday. “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.”

BitGo had 603 full-time employees as of December 31, 2025, meaning around 90 staff were likely affected. The company did not confirm exact numbers. Belshe called the cuts a one-time action and said no further reductions are planned. BitGo still has 51 open roles listed on its job board.

Stock Already Sliding Before the News

BTGO shares closed Thursday down 4.67% at $4.80, extending what has become a brutal run since the company’s public debut at $18 on January 22 a nearly 73% slide in just five months.

BitGo Is Not Alone — Crypto Is Cutting Deep in 2026

The layoffs are part of a broader wave hitting the crypto industry this year. More than 5,000 jobs have been cut across the sector so far in 2026. Block Inc. led the charge in February, cutting around 4,000 staff roughly half its entire workforce. Robinhood cut 10% in June. Kraken cut 150 staff in May. Coinbase cut 700 employees the same month. Gemini and Crypto.com both trimmed headcount earlier in the year, with AI cited as a key driver in nearly every case.

The wider US tech sector has seen over 121,500 layoffs from more than 200 companies so far this year according to Layoffs.fyi.