Crypto infrastructure company BitGo Holdings laid off around 15% of its staff on Thursday as its CEO vowed to focus the company on areas such as trading, stablecoins and artificial intelligence.
“Today I’ve made a difficult decision: we’re reducing our workforce by nearly 15%,” BitGo co-founder and CEO Mike Belshi wrote in X on Thursday. “The ecosystem has changed and the way we create financial services has changed dramatically.”
“We need to be sharper, more focused and focus our people and energy on the areas that matter most: security, commerce, stablecoins, settlements and AI infrastructure,” he added.
The layoffs add to the thousands of job losses in the crypto industry in 2026, with many companies citing efficiency gains from AI and the broader crypto market downturn as reasons for the cuts.
Source: Mike Belshe
BitGo did not confirm the number of employees affected by the layoffs. In its 2025 annual report released in March, it had 603 full-time employees as of Dec. 31, 2025, meaning about 90 employees could be affected by the layoffs.
Belshe said the layoffs were a “one-time action” and BitGo does not “anticipate further reductions.” The company is still hiring for 51 positions in various regions, respectively on the job board.
BitGo did not immediately respond to a request for comment.
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Shares of BitGo (BTGO) closed Thursday up 4.67% at $4.80, extending its decline of nearly 73% from its public debut of $18 on January 22.
Shares of BitGo fell more than 4.5% on Thursday after the company announced it was cutting 15% of its staff. Source: Google Finance
Crypto companies have cut more than 5,000 jobs this year, with Block Inc. conducted its largest round of layoffs due to downsizing 4000 employees or about half its workforce in February.
Robin Hood cut 10% of its workforce on June 16, while in May, the crypto exchange Kraken cut 150 employees, data company Dunes section 25% of its workforce and Coinbase cut 700 employees, or about 14% of the workforce.
Earlier this year, Gemini 200 were laid off employees and Crypto.com also laid off about 180 employees, with both citing the rise of artificial intelligence.
More than 121,500 employees from more than 200 companies have been laid off this year in the broader U.S. tech sector, respectively to Layoffs.fyi.
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