BitGo Cuts 15% of Workforce to Focus on Stablecoins and AI
On June 25, 2026, BitGo Holdings, a cryptocurrency custody company, revealed plans to reduce its workforce by nearly 15% as part of a restructuring aimed at enhancing its focus on stablecoins, trading, and artificial intelligence. CEO Mike Belshe shared this information through an 8-K filing. Approximately 90 of the firm’s 603 employees, as recorded on December 31, 2025, could be impacted by these layoffs. Belshe indicated that no additional layoffs are anticipated, and the company is actively recruiting for 51 positions in various locations. This restructuring follows BitGo’s IPO in January 2026, which generated $212.8 million, although its stock plummeted over 74% to $4.80. Despite a revenue boost of 112.6% in Q1 2026, net losses expanded to $60.7 million. Additionally, the firm obtained a federal trust bank charter in December.
Key facts
- BitGo reduced workforce by nearly 15% on June 25, 2026.
- CEO Mike Belshe announced the layoffs, filed with SEC via 8-K.
- Approximately 90 staff affected based on 603 employees as of Dec 31, 2025.
- BitGo continues hiring for 51 open roles in multiple countries.
- BitGo went public in January 2026 at $18/share, raising $212.8 million.
- Stock fell 74% from IPO price to $4.80 on announcement day.
- Q1 2026 revenue surged 112.6% to $3.8 billion, net loss widened to $60.7 million.
- BitGo launched stablecoin minting tool in April 2026 and received OCC trust bank charter in December 2025.
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