BitGo cut nearly 15% of its workforce, chief executive Mike Belshe said on 25 Jun, as the crypto custody and infrastructure firm sharpens its focus on stablecoins, settlement and artificial intelligence.
BitGo Cuts 15% of Workforce in Stablecoin, AI Pivot
26 June 2026 - 06:44 CEST
By Oihyun Kim
Focus on stablecoins, settlement
"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," Belshe wrote on X. He listed security, trading, stablecoins, settlement and AI-powered infrastructure as priorities, describing the reduction as "a one-time action" with no further cuts anticipated.
BitGo employed 603 full-time staff as of 31 Dec 2025, putting the affected headcount at roughly 90 people. The cuts come as the company contends with a sharp post-IPO share decline, shareholder lawsuits and a swing to a net loss for 2025.
Shares slide 73% post-IPO
BitGo debuted on the New York Stock Exchange on 22 Jan at $18 a share, valuing the company at around $2.08bn. The stock has since shed about three-quarters of its value, closing at $4.80 on 25 Jun for a market cap of roughly $560mn. NYSE-listed shares fell more than 4.5% on the day of the layoff announcement.
Earlier in June, Rosen Law Firm, Bernstein Liebhard and other firms filed securities class action lawsuits against BitGo, alleging misrepresentations over digital asset sales margin compression and bitcoin treasury losses. Goldman Sachs cut its price target on the stock to $9 from $10.50 on 4 Jun.
The company posted a net loss of $14.8mn for 2025, after a $54.1mn profit the year before.
On 18 Jun, BitGo appointed Angela Ang, a former Monetary Authority of Singapore regulator, as its Asia-Pacific managing director. The hire signalled continued regional expansion despite the global cuts.
BitGo did not immediately respond to a request for comment.
