BitGo Holdings, a crypto infrastructure provider, reduced its workforce by roughly 15% on Thursday as CEO and co-founder Mike Belshe said the company will narrow its focus to areas like trading, stablecoins and AI-driven infrastructure.
Belshe announced the move on X, calling it a difficult but necessary decision as the crypto ecosystem and financial services landscape have shifted. He said the company must be “sharper” and concentrate resources on core priorities: security, trading, stablecoins, settlement and infrastructure enhanced by artificial intelligence.
The layoffs are part of a broader wave of job cuts in the crypto sector in 2026, where companies have pointed to efficiency gains from AI and a prolonged market slump as reasons for reductions.
BitGo has not publicly confirmed the exact number of employees affected. Its 2025 annual report showed 603 full-time employees at year-end, which implies the cuts could have impacted roughly 90 people. Belshe described the round of reductions as a one-time action and said the firm does not expect additional cuts. Despite the downsizing, BitGo’s careers page still listed about 51 open positions across regions.
The company did not immediately respond to requests for further comment.
Investors reacted negatively: BitGo’s shares (BTGO) closed down about 4.7% at $4.80, extending a steep decline of nearly 73% from their $18 public debut on Jan. 22.
The move follows widespread workforce reductions across crypto and adjacent tech firms this year. More than 5,000 roles have been cut in the crypto industry so far in 2026, including Block Inc.’s approximately 4,000-job reduction in February. Other notable cuts include Robinhood’s 10% reduction, Kraken’s 150 roles, Dune’s 25% workforce cut, Coinbase’s roughly 700 layoffs, Gemini’s 200 layoffs and Crypto.com’s reduction of about 180 staff. Across the broader U.S. technology sector, layoffs have exceeded 121,500 at over 200 companies, according to public trackers.
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