Coinbase to cut about 700 jobs, citing market weakness and an ‘AI era’ restructure

Coinbase Global Inc. said in a May 5 filing with the U.S. Securities and Exchange Commission that it will cut about 700 jobs, or roughly 14% of its workforce, under a restructuring plan meant to rein in costs as market conditions remain pressured. The Nasdaq-listed crypto exchange and custody company said it expects to record $50 million to $60 million in restructuring charges tied to the move.

The company said the plan is intended “to manage its operating expenses in response to current market conditions” and to “optimize the Company’s operations for the AI era.” Coinbase disclosed the job cuts in a Form 8-K, a current report public companies use to notify investors of significant events.

In the filing, Coinbase said, “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.” It also said it expects “approximately $50 million to $60 million in total restructuring expenses,” with substantially all of the costs cash-based and tied to severance and other termination benefits. The company said it expects to recognize substantially all of those charges in the second quarter.

Coinbase had scheduled its first-quarter 2026 earnings release for May 7 after the market close, according to its investor relations website. After the close, market and social media feeds circulated claims that the company posted a wider-than-expected loss and missed revenue estimates, including a Whale Alert Telegram post that cited a loss of $1.49 per share on $1.41 billion in revenue. Those exact figures were not independently confirmed in a primary Coinbase press release or SEC earnings filing during the reporting window and should be treated as unverified.

The restructuring underscores how exposed Coinbase remains to swings in crypto trading activity. The company makes money from custody and subscription services, but its core business is still closely tied to transaction volumes, which can weaken quickly when crypto prices and volatility cool. For context, Coinbase reported fourth-quarter 2025 revenue of $1.78 billion and earnings per share of $0.66 in results released Feb. 12, 2026.