BitGo Joins Crypto’s AI Layoff Wave, Cuts Staff by 15%

BitGo has joined a growing number of crypto companies that are cutting staff numbers as part of the move to AI.

The crypto custody and infrastructure company is cutting about 15% of its workforce, co-founder and CEO Mike Belshe said Thursday in tweet that BitGo as well filed and the US Securities and Exchange Commission.

“The environment has changed, and the way we create financial services has changed dramatically,” Belshe wrote, announcing that BitGo will focus its efforts on “security, trading, stablecoins, stability, and AI infrastructure.”

BitGo did not confirm how many services were affected. His 2025 annual report hired 603 full-time employees, meaning about 90 positions. Belshe called the layoffs “one-time” and said BitGo doesn’t expect any further cuts, noting that its workforce is still filling many open positions.

The reduction comes months after BitGo went public. They its IPO price at $18 a share in January, raising about $213 million and valuing the company at more than $2 billion. First-quarter revenue rose 112.6% from a year earlier to $3.8 billion, even as net losses widened.

Investors were undeterred. Shares of BitGo, which trades as BTGO, fell nearly 5% on Thursday to close at $4.80, some 73% below their IPO price, on Yahoo! Finances.

BitGo joins a long line of crypto and tech companies laying off workers in 2026. Jack Dorsey’s Block they cut 4,000 jobs in February, nearly 40% of the workforce, citing “increasing reliance on machines, artificial intelligence and AI tools.” In May, Coinbase cut 14% of its workforce where the crypto data company Dune left off a quarter of his staff. A month later, Robinhood 10% off in the middle of the cryptocurrency crisis.

Throughout the technical field, more than 120,000 jobs has been cut since the beginning of the year, and companies included Microsoft and PayPal will mention AI as the main driver behind the reduction. Whether AI is the main thing is a matter of ongoing debate, and others to argue that it creates a simple explanation for layoffs in the midst of a market collapse.