Companies in digital assets and payments are reducing headcount while shifting toward automation and cost efficiency in response to ongoing market and technology changes.

Armstrong shared the memo on social media shortly before 7 a.m., telling staff the cuts were necessary as AI rapidly reshapes how work is done.

The cryptocurrency exchange joins a growing list of companies swapping out their workers for AI, following Block, Crypto.com and Bolt in making job cuts this year.

Crypto-linked equities are extending Monday’s rally into Tuesday morning. Shares of Circle Internet Group (NYSE:CRCL | CRCL Price Prediction), Coinbase Global (NASDAQ:COIN), and Strategy (NASDAQ:MSTR) all gained 3% in the premarket hours.

Launched in 2012, Coinbase (Nasdaq: COIN) is now the largest cryptocurrency trading exchange in the United States. The brokerage firm Robinhood Markets (Nasdaq: HOOD), launched in 2013, has also become very popular among crypto traders. But a Wall Street bank is now attempting to challenge these dominant players with lower fees.

CEO Brian Armstrong announced on X on Tuesday, May 5, 2026, at 5:55 a.m. Eastern that he has decided to lay off 14% of his employees. Not a great way to start Cinco de Mayo. Coinbase and crypto are still volatile quarter to quarter,

It’s a big step forward, but there’s still significant uncertainty that the bill has time to become law this year.