BitGo Holdings will reduce its workforce by nearly 15% as part of a strategic restructuring effort. The decision was disclosed in a regulatory filing submitted to the United States Securities and Exchange Commission (SEC).

The filing outlines the company's intention to streamline operations and improve efficiency. This move reflects broader adjustments within the financial technology sector.

Workforce Reduction Details

The reduction affects nearly 15% of the total staff. The company has not specified the exact number of employees impacted or the timeline for the layoffs.

BitGo Holdings continues to focus on optimizing its operational structure. The filing does not provide further details on severance packages or affected departments.

BitGo Holdings, Inc. plans to expand institutional access to decentralized finance (DeFi) vault products and onchain lending opportunities through a new offering developed with third-party infrastructure providers and risk managers. The planned launch includes a partnership with Morpho, a decentralized lending infrastructure protocol, to provide eligible institutional clients with access to third-party vaults and predefined onchain strategies. This initiative aims to bridge the gap between onchain opportunities and the security expectations of institutional custody.

The upcoming vault offering will utilize a network of specialized partners where independent risk managers define strategy parameters, risk parameters, and maximum exposure limits. Infrastructure providers like Morpho will supply the underlying vault architecture, lending infrastructure, and onchain execution systems. This structure is designed to create a clear separation between custody, risk management, and protocol infrastructure to enhance transparency and operational control.

Vault participation and the custody of vault receipt tokens are expected to be integrated with BitGo Bank & Trust, National Association. Through this integration, clients can access third-party onchain vault functionality using institutional custody tooling. The system features institutional-grade controls such as configurable policy enforcement, spending limits, asset-level permissions, audit trails, reporting, and real-time monitoring. When client assets are transferred to a third-party vault, they are deployed outside BitGo Bank & Trust’s custody environment, though the bank retains custody of the vault receipt token representing the client’s claim.

"We believe institutions are looking for ways to access onchain opportunities but also expect the security and oversight that come with institutional custody," said Mike Belshe, CEO and Co-founder of BitGo. "This means partnering with the right infrastructure providers, like Morpho, and risk managers. BitGo’s DeFi vaults bring these pieces together in a way that makes access to certain onchain opportunities that align with their goals more accessible to our clients."

Paul Frambot, CEO and Co-founder of Morpho, highlighted the technical integration, stating, "BitGo is one of the most trusted names in institutional digital asset custody, and this integration is intended to connect eligible BitGo clients to Morpho-enabled vault infrastructure through BitGo’s platform. Through Morpho's credit network, institutions can access third-party onchain lending markets through infrastructure that can be accessed using BitGo’s institutional workflows."

The planned DeFi vault launch builds on BitGo’s previous integration with Blueprint Finance’s Concrete protocol. While the Concrete protocol is designed to keep assets in qualified custody, the Morpho vault offering will support a model where assets are deployed through third-party infrastructure. BitGo intends to expand the offering over time with additional providers and protocol integrations, subject to eligibility and compliance requirements. Any rewards or returns will be generated by third-party vault and protocol activity rather than by BitGo or BitGo Bank & Trust.