Crypto infrastructure company BitGo is reducing its workforce by nearly 15% to allow it to shift focus toward security, trading, stablecoins, settlement and AI-powered infrastructure, CEO Mike Belshe says.

“The ecosystem has evolved, and the way we build financial services has changed dramatically,” Belshe wrote on X. He said the layoffs were “a one-time action,” noting that the company does not anticipate further reductions. BitGo had 603 full-time employees as of December 31, 2025 based on the company’s 2025 annual report released in March, implying that the cut could affect approximately 90 staff.

This story is an excerpt from the Unchained Daily newsletter.

BitGo went public on the NYSE in January 2026 at $18 per share, raising $212.8 million and listing at a fully diluted valuation above $2 billion. Shares closed Thursday at $4.80, down more than 4.5% on the day, extending a slide that puts the stock roughly 73% below its IPO price. Despite reporting $3.8 billion in Q1 2026 revenue — up 112.6% year-over-year — the company posted a widening net loss for the quarter.

BitGo still lists 51 open roles on its job board across engineering, compliance, security, sales, and other functions in markets including the U.S., Canada, India, Singapore, Dubai, Brazil, and the U.K.

Crypto companies have shed more than 5,000 jobs in 2026, with many citing AI-driven efficiency and the market downturn as drivers. Coinbase cut 14% of its workforce in May, Dune cut 25%, Robinhood cut 10% in June, and Kraken cut 150 staff in May.

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