Digital asset custodian BitGo has officially announced a 15% workforce reduction as CEO Michael Belshe refocuses the company on higher-value institutional crypto services. According to the company's June 25, 2026 announcement, CEO Mike Belshe wrote on X that "Today I'm sharing a hard decision: we are reducing our workforce by nearly 15%" while framing the cuts as a one-time action meant to align the company with shifts in the digital asset ecosystem. Based on the company's 2025 annual report showing 603 full-time employees as of December 31, 2025, the reduction translates to approximately 90 job cuts. This follows BitGo's prior history of restructuring, having executed a 12% workforce reduction in April 2020 during a broader company-wide reorganization. The company went public in January at $18 per share as the first major crypto listing of the year, putting its strategy under fresh shareholder scrutiny.
The restructuring aligns with BitGo's strategic shift toward higher-margin institutional services and emerging technologies. According to the official announcement, the company will concentrate on core priorities of security, trading, stablecoins, settlement, and AI-powered infrastructure. CEO Mike Belshe explained that the leaner team will concentrate on areas that matter most, stating "To keep winning for our clients, we need to be sharper, more focused, and concentrate our people and energy on the areas that matter most." The company secured a federal trust bank charter from the OCC in December and launched a stablecoin minting tool in April targeting the fast-growing stablecoin sector. BitGo has been named to the Fortune 500 in June 2026 in its first year as a public entity, trading under ticker BTGO on the NYSE. Despite the workforce cuts, the company continues hiring in selected roles, with 51 open positions listed across engineering, compliance, customer success, finance, marketing, sales, security and internal audit functions across multiple regions including the U.S., Canada, India, Singapore, Dubai, Brazil and the U.K.
Despite strong revenue growth, BitGo's 2025 results reveal significant margin pressures that drove the strategic pivot. As reported by CoinDesk, the company generated ₹1,37,000 crore ($16.2 billion) in revenue, representing more than fourfold growth, but most revenue came from low-margin digital asset sales. Adjusted EBITDA reached only ₹2,680 crore ($32.4 million), while a decline in Bitcoin treasury holdings resulted in a ₹1,200 crore ($14.8 million) net loss. The company's first-quarter 2026 results showed revenue rising 112.6% to $3.77 billion, though net loss widened to $60.7 million, with digital asset sales driving most revenue. Stablecoin service growth also contributed, with Stablecoin-as-a-Service revenue rising from the prior quarter.
The workforce reduction comes as BitGo faces continued market pressure following its public debut. BTGO shares closed at $4.80 on June 25, down 4.76% for the session and remaining far below its $18 IPO price from January. The stock's underperformance adds market pressure as BitGo tries to demonstrate that its public listing can support growth while costs remain under control. The company's IPO raised approximately $212.8 million and placed its valuation above $2 billion on a fully diluted basis. CEO Mike Belshe emphasized clear communication channels for stakeholders during the restructuring process, directing investors to the company's online channels as key sources of material information and encouraging monitoring alongside traditional SEC filings and public calls.
