The move comes despite the company reporting a 112.6% increase in first-quarter revenue, but net losses widened due to non-cash Bitcoin treasury losses and IPO-related costs. BitGo is now part of the growing list of crypto firms, including Coinbase, Dune, and Block, that have recently reduced staff.
BitGo Announces 15% Job Cuts
Major crypto custodian and infrastructure provider BitGo has announced a 15% reduction in its workforce as the company shifts its focus toward key growth areas, including artificial intelligence. Chief Executive Officer Mike Belshe said the decision was made to keep up with changes in the digital asset industry and the need for the company to prioritize resources on security, trading, stablecoins, settlement, and AI-powered infrastructure.
In a post on X, Belshe explained that the crypto ecosystem changed a lot, which requires BitGo to become more focused in how it builds financial services. He added that the company does not currently expect any additional rounds of layoffs.
The workforce reduction follows BitGo’s recent financial results, which showed strong revenue growth but widening losses. During the first quarter, the company reported revenue of $3.8 billion, which was a 112.6% increase compared to the same period last year. However, net losses widened to $60.7 million from $25.7 million, primarily due to non-cash mark-to-market losses on its Bitcoin treasury holdings and higher stock-based compensation related to its January initial public offering.
Despite the larger losses, Belshe previously said BitGo would continue investing in its core infrastructure while expanding into growing sectors like stablecoins and tokenized assets.
BitGo is not the only cryptocurrency company restructuring around artificial intelligence. Coinbase recently announced a 14% workforce reduction as part of its transition toward AI-native operations. In addition to this, crypto analytics platform Dune cut approximately 25% of its staff to further integrate AI across the business. Jack Dorsey’s Block also reduced headcount this year.
