Regulated digital asset firm Anchorage Digital is reportedly laying off 17% of its workforce as the broader crypto market faces a downturn. Based on CEO Nathan McCauley's previous statement to Congress in February 2025 reporting a headcount of around 400 employees, the reduction is estimated to impact approximately 68 workers.
The workforce reduction follows an investment from Tether eight months prior, which injected $100 million into Anchorage and valued the company at $4.2 billion. That funding also enabled payments to employees via the firm's first employee tender offer, indicating the layoffs stem from expense management rather than an immediate cash shortage.
Broader Crypto Labor Market Trends
Anchorage's cuts arrive amid widespread contraction across the digital asset sector. According to CryptoJobsList, at least 7,411 job cuts occurred across 60 crypto companies in 2026, led by Block's reduction of 4,000 jobs in February.
Hiring activity has similarly contracted. Data from Tiger Research showed that new job listings on major crypto portals dropped by roughly 80% year-over-year in January, continuing a downward trend that began following 2022.
Focus Shifts to Infrastructure and Specialized Roles
Surviving job openings in the market have grown increasingly specialized. Tiger Research data for the first half of 2026 showed that engineering accounted for 34.1% of 2,932 monitored openings, followed by stablecoins and payments at 13.4%, and compliance and legal roles at 10.4%.
This focus aligns with Anchorage's institutional service offerings in custody, trading, and settlement. The firm has continued developing products that connect regulatory custody with crypto trading, including joining Binance's triparty banking network in June to allow institutions to trade while keeping collateral in regulated custody.
Despite corporate cost-cutting, institutional interest persists. An EY survey published in 2026 indicated that 73% of surveyed companies plan to expand their digital asset investments over the following year, while BCG analysis highlights growing demand for infrastructure such as custody, settlement, and tokenized assets as digital assets integrate with traditional finance.
