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Crypto custody firm BitGo has announced a 15% workforce reduction as it shifts resources toward its core growth areas, including AI infrastructure, stablecoins, and trading services.
The layoffs were announced by BitGo CEO Mike Belshe, who said the cryptocurrency industry has changed significantly, requiring the company to reallocate resources toward its most promising business segments.
BitGo plans to prioritize security services, trading infrastructure, payment solutions, stablecoins, and AI-powered products.
Belshe also said the company does not expect to carry out additional rounds of layoffs.
Weak quarterly results
The workforce reduction comes a month after BitGo released its first-quarter financial results. Although revenue increased 112.6% year over year to $3.8 billion, the company's net loss widened from $25.7 million to $60.7 million.BitGo attributed the weaker bottom line to the revaluation of its Bitcoin holdings and higher expenses related to its initial public offering.
At the time, management said the company would continue investing in core infrastructure, as well as stablecoin- and tokenization-related initiatives.
Crypto firms increasingly prioritize AI
BitGo is one of several crypto companies that have reduced headcount while accelerating investments in artificial intelligence.In recent months, Coinbase, blockchain analytics platform Dune, and Jack Dorsey's Block have also announced layoffs while outlining plans to expand their AI capabilities.
The company continues to execute the strategy unveiled earlier this year. In January, BitGo launched its IPO, targeting up to $201 million in proceeds at a valuation of $1.96 billion. The company said the funds would support further infrastructure development and product expansion.
Earlier, BitGo obtained a MiCA license in Germany, allowing it to provide regulated crypto trading and custody services across the European Union.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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