TL;DR:
- BitGo will cut nearly 15% of its workforce, around 90 employees out of a total of 603, as confirmed by CEO Mike Belshe.
- The company will redirect its resources toward stablecoins, trading, security, and what it calls “AI-powered infrastructure.”
- BitGo shares fell nearly 5%, adding to a 73% decline from their IPO price.
BitGo joined the growing list of companies in the sector that are cutting staff in 2026. Mike Belshe, co-founder and chief executive officer of the crypto custody and infrastructure firm, announced the reduction of nearly 15% of its workforce through a post on X that was also filed with the U.S. Securities and Exchange Commission.
“The ecosystem has evolved and the way we build financial services has changed dramatically,” Belshe wrote, framing the move as “a one-time action” and ruling out further cuts in the short term.
Today I'm sharing a hard decision: we are reducing our workforce by nearly 15%.
I want to be straight with you about why. The ecosystem has evolved, and the way we build financial services has changed dramatically. To keep winning for our clients, we need to be sharper, more…
— Mike Belshe (@mikebelshe) June 25, 2026
BitGo Has Multiple Open Positions
The company did not specify the exact number of affected positions, although its 2025 annual report recorded 603 full-time employees, placing the estimated figure at around 90 eliminated positions. Belshe noted that the company will continue hiring in strategic areas: BitGo’s job dashboard still lists dozens of open positions. The business focus, according to the executive, will be on security, trading, stablecoins, settlement, and AI-powered infrastructure.
The Wave of Layoffs That Won’t Stop
BitGo made its stock market debut just a few months ago. The company set its initial public offering price at $18 per share in January, raising around $213 million and reaching a valuation of over $2 billion. The first quarter delivered revenue growth of 112.6% year-over-year to $3.8 billion, although net losses also widened. Investors responded coldly to the layoff announcement: shares fell nearly 5% on Thursday to close at $4.80, 73% below the IPO price.
BitGo’s decision has become a trend within the industry. In February, Block, Jack Dorsey’s company, eliminated 4,000 employees—nearly 40% of its workforce—citing greater reliance on automation and AI tools. In May, Coinbase cut 14% of its staff while data firm Dune let go of a quarter of its employees. In June, Robinhood cut 10% of its workforce amid a decline in crypto revenues.
Across the global tech sector, more than 120,000 jobs have disappeared since January. Companies such as Microsoft and PayPal claim that artificial intelligence is a determining factor, although the debate over whether that justification conceals simple adjustments to a declining market remains open.
