Cryptocurrency custody firm BitGo is laying off nearly 15% of its workforce, becoming the latest company in the crypto industry to announce job cuts as firms continue to streamline operations.
Announcing the move on X, CEO Mike Belshe described it as a “hard decision,” writing, “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 focused, and concentrate our people and energy on the areas that matter most: security, trading, stablecoins, settlement, and AI-powered infrastructure. Getting there means making BitGo more deliberate than it is today.”
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“This isn’t an easy day. BitGo is built by people I respect and care about, many of whom bleed blue and have given everything to get us here. I’m truly grateful for all of your contributions, and I don’t take saying goodbye lightly. By the time you read this message, everyone affected will already have heard directly from their manager and HR,” he added.
BitGo did not confirm how many jobs were cut. Its 2025 annual report listed 603 full-time employees, which translates to around 90 employees. Belshe also said the layoffs were “a one-time action” and said BitGo does not anticipate further cuts, noting that its job board still lists dozens of open positions.
The layoffs come months after BitGo went public. Its IPO was priced at $18 a share in January, raising about $213 million and valuing the firm above $2 billion. First-quarter revenue then surged 112.6% from a year earlier to $3.8 billion, though net losses widened.
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BitGo is the latest among an increasing number of crypto and tech firms which have conducted layoffs. In February, Jack Dorsey’s Block cut 4,000 of its 10,000 employees because of gains in AI productivity. In May, Coinbase had cut 700 jobs. A month later, Robinhood trimmed 10% amid a crypto revenue crunch.
Many more layoffs took place in the tech sector, with AI often being cited as a reason for them. Around 120,000 jobs have been cut in the sector since the beginning of the year. There has been some debate over whether AI is the real cause of these, with some claiming it is a convenient excuse for layoffs in the midst of a market downturn.