BitGo Cuts Nearly 15% of Staff Six Months After IPO, Refocuses on Stablecoins and AI

BitGo is cutting nearly 15% of its workforce, CEO Mike Belshe announced Thursday, as the crypto custodian restructures around what it calls its highest-priority areas.

Belshe posted the announcement on X, saying the company needs to be "sharper, more focused" and concentrate resources on five areas: security, trading, stablecoins, settlement, and AI-powered infrastructure. The cuts affect roughly 85 to 90 employees, per reports on X. BitGo, which went public roughly six months ago under the ticker $BTGO, has seen its stock fall approximately 73% since the IPO.

"The ecosystem has evolved, and the way we build financial services has changed dramatically," Belshe wrote. "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."

BitGo went public around December 2025, joining a wave of crypto companies listing on public markets. The stock's decline of roughly 73% from its IPO price reflects broader pressures on publicly listed crypto infrastructure firms. In Q1 2026, BitGo reported a net loss of $60.7 million. The company recently announced a $50 million share buyback program, which lifted the stock roughly 11%, though shares remained about 65% below the IPO price at the time of that announcement.

The Restructuring

Belshe described the action as a one-time event. "We don't anticipate further reductions," he wrote, adding that affected employees heard directly from their manager and HR before the announcement went public.

BitGo, founded in 2013, is one of the largest regulated crypto custodians globally and a major provider of wallet infrastructure, settlement services, and trading tools to institutional clients.

BitGo's reduction follows several similar moves across crypto infrastructure in 2026. The Ethereum Foundation cut roughly 20% of its staff in a sweeping reorganization. Coinbase reduced its workforce by approximately 14%, framing the cuts around AI. Robinhood cut 10%, and Matter Labs trimmed staff while pivoting to an institutional privacy platform. Dune Analytics cut 25% as it doubled down on AI and institutional data tools.