BitGo to Cut 15% of Staff, Focus on Stablecoins and AI

BitGo, the digital-asset custody company, will cut about 15% of its workforce as part of a reorganization aimed at sharpening its focus on core businesses including stablecoins and artificial intelligence infrastructure.

Mike Belshe, BitGo's chief executive officer, wrote in a post on X on June 26 that the company had made the difficult decision to reduce its headcount by about 15%. BitGo needs a leaner, more focused organization to build a more competitive company for clients, he wrote.

The way financial services are built has changed significantly, Belshe said. BitGo therefore decided to reorganize to direct people and resources to its most important areas, including security, trading, stablecoins, payments and AI-based infrastructure.

Belshe described the layoffs as a one-time step to strengthen competitiveness. He added that the company does not expect further job cuts.

Employees leaving the company played a major role in building BitGo into what it is today, Belshe wrote. The company became a better place because of them, and he wished them success in the future.

Belshe also urged close communication with remaining employees during the reorganization. BitGo has a clear direction for the future, he wrote, and made the decision because it is confident about its prospects. Now it is time to build that future together, he added.