Key facts
- BitGo Holdings laid off approximately 15% of its staff, impacting around 90 employees.
- CEO Mike Belshe stated the layoffs are a "one-time action" to refocus on security, trading, stablecoins, settlement, and AI-powered infrastructure.
- The company is actively hiring for 51 open positions.
- BitGo shares closed down 4.67% on Thursday at $4.80, 73% below their IPO price.
Crypto infrastructure firm BitGo Holdings has reduced its workforce by approximately 15%, impacting around 90 employees, according to its CEO Mike Belshe. Belshe stated on X that this is a "one-time action" and the company does not foresee further reductions. He emphasized a strategic shift to focus on key areas such as security, trading, stablecoins, settlement, and AI-powered infrastructure, citing significant changes in the financial services ecosystem.
Despite the layoffs, BitGo is actively recruiting for 51 open positions across various regions. The company's 2025 annual report indicated 603 full-time employees as of December 31, 2025. The layoffs add to a broader trend of job cuts within the crypto industry, with thousands of positions eliminated this year due to efficiency gains from AI and a general market downturn.
Shares of BitGo (BTGO) closed Thursday down 4.67% at $4.80, continuing a significant decline from its IPO price of $18 on January 22. Other crypto companies, including Block Inc., Robinhood, Kraken, Dune, Coinbase, Gemini, and Crypto.com, have also implemented substantial layoffs this year, with many citing the increasing role of AI and market conditions as contributing factors.