BitGo Ditches Staff for AI Future

BitGo, a crypto custody and infrastructure company, has announced substantial layoffs, reducing its workforce by approximately 15%, which translates to roughly 90 employees. This decision is part of a broader strategic shift by the company to focus on "security, trading, stablecoins, settlement, and AI-powered infrastructure." CEO Mike Belshe indicated this is a one-time action and that the company still has numerous open positions.

These workforce adjustments occurred months after BitGo's initial public offering in January, where it raised approximately $213 million. Although first-quarter revenue saw a significant increase of 112.6% year-over-year, reaching $3.8 billion, the company's net losses widened. Investors have reacted negatively, with BitGo's stock price falling sharply since its IPO.

BitGo joins a growing trend in the crypto and tech sectors, with companies like Block, Coinbase, Dune, and Robinhood also implementing layoffs in 2026. Many firms cite increased reliance on AI and automation as key drivers for these downsizing efforts. This trend extends to the wider tech industry, where over 120,000 jobs have been cut this year, with AI frequently named as a primary factor.