BitGo cuts 15% of staff to focus on AI, stablecoins after public listing
BitGo, the digital asset custodian, is reducing its workforce by nearly 15%, affecting about 85 jobs, as it sharpens its focus on high-value services including security, trading, stablecoins, settlement, and AI-powered infrastructure. CEO Mike Belshe described the cuts as a one-time action with no further reductions planned. The move comes after BitGo went public in January at $18 per share, bringing its strategy under shareholder scrutiny. Despite $16.2 billion in revenue in 2025—up more than fourfold—most came from low-margin digital asset sales, leading to a net loss of $14.8 million. Adjusted EBITDA was only $32.4 million. The layoffs align with broader industry trends; in May, Coinbase cut 700 staff (14%) for similar AI-driven restructuring. BitGo aims to use savings to fund AI-powered financial infrastructure and expand its stablecoin minting tool launched in April. Critics like Thomas Braziel of 117 Partners attribute the cuts to high operational costs for Bitcoin custody. The firm's next earnings report will reveal if leaner operations translate to profit.
Key facts
- BitGo cuts nearly 15% of workforce, about 85 jobs.
- Focus shifts to security, trading, stablecoins, settlement, AI.
- 2025 revenue $16.2B, net loss $14.8M due to low margins.
- Company went public in January 2026 at $18 per share.
- Critics link cuts to high Bitcoin custody costs.