BitGo cuts 15% of staff to focus on AI, stablecoins

BitGo reduced its workforce by 15%, CEO Mike Belshe wrote on X, and the company does not currently expect further headcount reductions. The firm said the cuts will concentrate resources on security, trading, stablecoins, settlement and AI-powered infrastructure.

The announcement came after BitGo reported first-quarter results following its January initial public offering. Revenue rose 112.6% year over year to $3.8 billion, while net loss widened to $60.7 million from $25.7 million a year earlier. The company attributed the larger loss to non-cash mark-to-market declines on its bitcoin holdings and higher IPO-related stock-compensation expenses.

Belshe wrote that the crypto ecosystem has changed and the company needs to be “sharper, more focused, and concentrate our people and energy on the areas that matter most.” He added that hiring and development will prioritize the five areas he named.

The staff reductions follow a pattern among digital-asset firms reallocating resources to build AI capabilities and new tokenized products. Earlier this year, Coinbase cut about 14% of its staff, Dune reduced roughly 25% of its workforce, and Block also implemented layoffs.

BitGo did not disclose which teams were most affected or provide a detailed timeline for the cuts. The company said it will continue investing in scaling core infrastructure and in emerging products such as stablecoins and tokenized assets.

Shares of BitGo, which trade under the ticker BTGO on the New York Stock Exchange, fell 4.76% to close at $4.80 on Thursday after the announcement.