Coinbase announces plans to cut workforce by 14%, or 700 employees

In a regulatory filing, Coinbase (COIN) announced a restructuring plan to (i) manage its operating expenses in response to current market conditions and (ii) optimize the company’s operations for the AI era. The Plan involves a reduction of the company’s workforce by approximately 700 employees, representing approximately 14% of the company’s global workforce as of May 1, 2026. The company expects execution of the Plan to be substantially complete in the second quarter of 2026. In connection with these actions, the company estimates that it will incur approximately $50M-$60M in total restructuring expenses, substantially all of which are future cash-based expenditures and related to employee severance and other termination benefits. The company expects to recognize substantially all of these charges in the second quarter of 2026.