Coinbase cuts 14% of workforce, citing market slump and AI shift

Update May 5, 2026, 1:30 pm UTC: This article has been updated to add information from an SEC filing.

Coinbase will cut about 14% of its workforce, or roughly 700 jobs, as CEO Brian Armstrong moves to make the crypto exchange leaner and more focused on artificial intelligence.

Armstrong said in an email to employees that Coinbase is responding to two forces at once: a down market that pressured the company’s quarter-to-quarter business and rapid advances in AI that are changing how teams work. 

He said the company will flatten its organizational structure to a maximum of five layers below the CEO and chief operating officer, require leaders to act as “player-coaches” rather than pure managers and concentrate around smaller AI-native teams that can use automated tools to increase output.

“To those affected, we will be providing a comprehensive package to support you through this transition,” Armstrong said, saying that it will include