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Coinbase shares jump after CEO announces 14% workforce cut

Coinbase said it expects $50 million to $60 million in restructuring charges, mostly to be recognized in the second quarter.

Reported · Written up by our desk · Market Structure

Coinbase shares rose as much as 4% after the company announced a sweeping restructuring that cuts about 14% of its global workforce, with CEO Brian Armstrong citing a weaker crypto market and the growing use of artificial intelligence.

In an email to employees that Armstrong later reposted on X, Armstrong said engineers have increasingly used AI to ship work faster and that production and other workflows are being automated, prompting Coinbase to refocus operations around what he described as an intelligence-driven model.

Coinbase said it had 4,951 employees as of December 31, 2025, implying the 14% cut would affect about 693 roles, according to the company’s reported headcount.

The exchange also forecast restructuring charges of $50 million to $60 million, mostly expected to be recognized in the second quarter, and the market reaction suggested investors viewed the move as a reset.

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