Coinbase · New York · The Block
Major crypto custodian and infrastructure firm BitGo announced that it has cut its staff by 15%
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In a post on social media platform X, BitGo CEO Mike Belshe announced the layoff, explaining that the company needed to adapt to the evolving ecosystem.
Key facts
- BitGo's stock BTGO fell 4.76% on the New York Stock Exchange to close at $4.80 on Thursday
- According to a company announcement last month, BitGo's Q1 revenue surged 112.6% year-on-year to $3.8 billion, amid its initial public offering in January
- Last month, Coinbase announced a 14% layoff to shift toward AI-native operations
- Major crypto custodian and infrastructure firm BitGo announced that it has cut its staff by 15%, citing changes in the ecosystem
Summary
Major crypto custodian and infrastructure firm BitGo announced that it has cut its staff by 15%, citing changes in the ecosystem. "The ecosystem has evolved, and the way we build financial services has changed dramatically," Belshe wrote. Belshe added that the company currently does not anticipate further headcount reductions. The layoffs come after BitGo reported widening first-quarter net losses despite strong revenue growth.