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Coinbase shares jump after CEO announces 700-job AI-led cuts
Coinbase expects $50 million to $60 million in restructuring charges, mostly in the second quarter, after cutting about 14% of its global workforce.
Coinbase shares rose as much as 4% early Tuesday after the crypto exchange said CEO Brian Armstrong would cut roughly 14% of its global workforce, amounting to about 700 jobs, in a restructuring that targets artificial intelligence.
According to the company, the layoffs reflect two pressures, a crypto market that remains weak versus its prior peak and the speed at which AI can help teams ship work. Armstrong said non-technical teams can now automate workflows and release production code faster, adding that Coinbase is being rebuilt around an AI approach with humans positioned around it.
Coinbase reported 4,951 employees as of December 31, 2025, implying the announced reductions would impact about 693 people based on that figure. The exchange also said it expects restructuring charges of $50 million to $60 million, with most of the costs recognized in the second quarter.
Armstrong said he wants fewer management layers below the CEO and leaders with up to 15 direct reports as part of the organizational reset, framing the changes as a shift in how the company operates.