Anchorage Digital, the first federally chartered digital asset bank in the United States, has reportedly laid off 17% of its workforce as the cryptocurrency industry faces a year-long market slump. Chief Executive Nathan McCauley notified employees of the reductions this week, according to a report by The Information citing sources familiar with the matter.
Estimated Headcount Impact and Past Cuts
While Anchorage Digital has not issued a public comment on the decision, previous disclosures offer insight into the scale of the reductions. During congressional testimony in February 2025, McCauley stated that the company maintained a global workforce of approximately 400 people. A 17% reduction applied to that figure translates to roughly 68 jobs, though exact numbers may vary depending on headcount changes over the past year.
This marks the firm's second major downsizing in recent years. In 2023, Anchorage Digital laid off 20% of its team, a move McCauley later attributed in part to being cut off from traditional banking partners during broader industry disruptions.
Broad Industry Reductions Across Crypto and Tech
Anchorage joins a growing list of digital asset companies reducing staff throughout 2026. Gemini reduced its team by approximately 30%, while Crypto.com executed a 12% workforce reduction in March. In May, Coinbase announced it was eliminating 700 roles, accounting for 14% of its total staff. That same month, analytics platform Dune laid off 25% of its staff to pivot toward institutional data and AI agents.
Other industry players have followed suit, with exchange Luno trimming 20% of its personnel in July and asset manager Bitwise cutting 14% in August. Beyond staff reductions, full operational shutdowns have hit several projects, including BitMEX, the Lisk blockchain, and Ethereum L2 network Blast.
Corporate job losses extend beyond crypto into the broader technology landscape. According to data from Challenger, Gray & Christmas, US tech firms announced 10,799 cuts in September, representing a 77% increase from August. Total tech job cuts for 2026 have reached 165,925, up 54% year-over-year and accounting for 29% of all US job reduction announcements this year, despite overall US job cut announcements falling 18% in September.
Key Takeaways
- Anchorage Digital trimmed 17% of its workforce, impacting an estimated 68 positions based on a prior 400-employee baseline.
- Major firms including Coinbase (700 roles), Gemini (30%), and Bitwise (14%) have announced significant cuts in 2026.
- US tech firms have announced 165,925 job cuts in 2026, up 54% from the prior year.
Why It Matters
Even federally chartered institutional custodians like Anchorage Digital are not immune to prolonged market contractions and tightening operational margins. The continued downsizing across both native crypto startups and regulated infrastructure providers demonstrates that institutional capital inflows have yet to fully offset lower retail volumes and reduced venture funding. Market participants should monitor whether these cost-cutting measures precede a structural realignment toward AI-driven data tools and core custody services across institutional platforms.
