BitGo, a prominent crypto custody firm, has announced that it will be cutting around 15% of its staff, approximately 85-90 employees out of a total workforce of 603. This move comes after BitGo's successful listing on the New York Stock Exchange under the ticker BTGO earlier this year.
The layoffs are part of the company's strategic realignment, with CEO Mike Belshe focusing on five key areas: stablecoins, settlement, trading, security, and AI infrastructure. These sectors offer a clearer path to revenue growth and scalability without proportionally increasing headcount.
Belshe's bet is that investing in AI infrastructure will pay off, allowing BitGo to differentiate itself from competitors and attract more institutional clients. This decision reflects the company's effort to provide a cleaner story for public market investors, who demand margins and clear revenue streams.