Coinbase Cuts 14% of Staff in AI Restructuring

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…