AI · Cointelegraph
BitGo cuts 15% of staff to sharpen focus on AI, stablecoins
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BitGo co-founder and CEO Mike Belshe says the layoffs are “a one-time action” and the company doesn’t see the need for further staff reductions.
Key facts
- Shares in BitGo (BTGO) closed Thursday down 4.67% at $4.80, extending a nearly 73% slide from its public debut at $18 on Jan. 22
- Robinhood cut 10% of its workforce on June 16, while in May, crypto exchange Kraken cut 150 staff, data company Dune cut 25% of its workforce and Coinbase cut 700 employees, or about 14%
- Earlier this year, Gemini laid off 200 employees and Crypto.com also laid off about 180 staff, with both citing the rising use of AI
- So far this year, the wider US technology sector has seen over 121,500 layoffs from over 200 companies, according to Layoffs.fyi
Summary
Crypto infrastructure company BitGo Holdings laid off about 15% of its staff on Thursday as its CEO pledged to focus the company on areas including trading, stablecoins and artificial intelligence. “Today I'm sharing a hard decision: we are reducing our workforce by nearly 15%,” BitGo co-founder and CEO Mike Belshe posted to X on Thursday. “We need to be sharper, more focused, and concentrate our people and energy on the areas that matter most: security, trading, stablecoins, settlement, and AI-powered infrastructure,” he added. The layoffs add to the thousands of jobs lost in the crypto industry so far in 2026, with many companies citing efficiency gains from AI and a wide crypto market slump as the reason for the cuts.