BitGo, a digital asset custody and trading firm founded in 2013, is eliminating 15% of its staff as part of a strategic pivot toward a smaller set of core services. CEO Mike Belshe announced the move without specifying which roles or locations would be affected, or providing a timeline for the cuts.
The company will concentrate on five areas going forward: security, trading, stablecoins, settlement, and AI-powered infrastructure. Belshe framed the narrowing as a deliberate choice to "focus on the areas where we can have the greatest impact," though he did not detail which current products or lines of business would be wound down or sold.
This is BitGo's second major workforce reduction. In 2022, the firm cut staff during the broader crypto downturn, but has since expanded again as institutional interest in digital assets recovered. No financial figures for the latest cuts—such as projected cost savings or severance costs—were disclosed.
The addition of AI infrastructure to BitGo's stated focus mirrors moves across the sector as crypto firms attempt to position themselves in the machine-learning and automation space. Stablecoins remain a regulated asset class with ongoing scrutiny from U.S. and international regulators; BitGo's emphasis on that vertical may signal confidence in the sector's regulatory durability or simply reflect existing customer demand.
Customers and counterparties will be watching for clarity on which services wind down and whether settlements, trading, or custody functions face disruption during the transition. BitGo has not announced a completion date for the restructuring.