Coinbase cuts about 700 jobs, roughly 14% of staff, and books $50M-$60M of charges

Coinbase filed an 8-K on May 5, 2026 to report a restructuring plan announced that day. About 700 employees, roughly 14% of the global workforce as of May 1, are affected. The company expects $50 million to $60 million of restructuring charges, almost all cash severance, and says it expects to substantially complete the plan in Q2 2026. It cited current market conditions and optimizing operations for the AI era.

• About 700 roles, roughly 14% of the global workforce as of May 1, 2026
• Restructuring charges of $50 million to $60 million, mostly severance
• Substantially all charges expected in Q2 2026
• Actual amounts could differ because of local law and consultation requirements