BitGo is reducing its workforce by nearly 15% as the digital asset custodian narrows its focus to security, trading, stablecoins, settlement, and AI-powered infrastructure. CEO Mike Belshe described the cuts as a one-time action with no further reductions planned.
The move makes BitGo the latest crypto company to trim staff in 2026, with peers tying similar cuts to AI. The custodian went public in January as the first major crypto listing of the year.
A Sharper Focus After Going Public
BitGo priced its public market debut at $18 a share in January, putting its strategy under fresh shareholder scrutiny. It counted about 565 full-time employees as of mid-2025 in its prospectus, so the cut points to roughly 85 jobs.
The numbers show why. BitGo’s 2025 results listed $16.2 billion in revenue, up more than fourfold, yet most came from low-margin digital asset sales. Adjusted EBITDA reached just $32.4 million, and a drop in its Bitcoin (BTC) treasury left a $14.8 million net loss.
Belshe wants the leaner team on higher-value institutional crypto services. BitGo won a federal trust bank charter from the OCC in December.
In April, it launched a minting tool aimed at the fast-growing stablecoin sector, a higher-margin line it wants to grow.
“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…” Mike Belshe, BitGo CEO, explained.
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Layoffs Spread Across the Crypto Sector
The cut tracks a broader retrenchment. In May, Coinbase shed about 700 staff, or 14% of its workforce, in a restructuring aimed at optimizing operations for the AI era, according to a securities filing. BitGo is betting its own savings will fund more AI-powered financial infrastructure.
Not everyone credits strategy. Thomas Braziel, founder of distressed-crypto firm 117 Partners, tied the move to the cost of BitGo’s Bitcoin custody.
“I mean – BitGo is the highest cost operator for BTC storage on the planet so I get it,” Braziel said in a post.
Whether a leaner BitGo can turn its scale into real profit should become clearer in its next earnings report.
Bitrue