BitGo Lays Off 15% of Staff Amid Industry-Wide Job Cuts

BitGo Holdings laid off about 15% of its staff on Thursday, according to co-founder and CEO Mike Belshe. This move comes as the crypto industry continues to grapple with efficiency gains from AI and a wide market slump.

Belshe posted on X that the layoffs are 'a one-time action' and BitGo does not anticipate further reductions. The company is still hiring for 51 roles across various regions, according to its job board.

The layoffs add to the thousands of jobs lost in the crypto industry so far this year. Block Inc. undertook the biggest round of layoffs by cutting 4,000 staff or about half its workforce in February.

Belshe emphasized that BitGo needs to focus on areas including trading, stablecoins, and AI-powered infrastructure. The company's shares closed Thursday down 4.67% at $4.80, extending a nearly 73% slide from its public debut at $18 on Jan. 22.