Anchorage Digital, the first federally chartered digital asset bank in the United States, has reportedly laid off 17% of its staff. Chief Executive Nathan McCauley informed employees of the reductions this week, according to a report by The Information citing individuals familiar with the matter. The cuts were attributed to a year-long slump in the crypto market. Anchorage has not publicly commented on the workforce reduction.
During congressional testimony in February 2025, McCauley stated that the company's global workforce was approximately 400 people. Assuming staffing levels remained consistent, a 17% reduction would impact roughly 68 jobs, though the exact figure may vary if headcount shifted subsequently.
This is not the first time Anchorage has implemented deep workforce reductions. In 2023, the firm cut 20% of its staff, a decision McCauley previously attributed in part to being cut off from traditional banking services.
Part of a Broader Industry Trend
Anchorage Digital is among several cryptocurrency firms to reduce headcount. Other companies executing layoffs include Gemini, which cut roughly 30% of its workforce, and Crypto.com, which reduced staff by 12% in March. Coinbase announced the elimination of about 700 roles, or 14% of its staff, in May, while Dune laid off 25% of its team that same month to focus on AI agents and institutional data.
Additional reductions occurred later in the year, with Luno trimming 20% of its staff in July and Bitwise cutting about 14% in August. Furthermore, some entities announced complete shutdowns, including BitMEX, the Lisk blockchain, and the Ethereum layer-2 network Blast.
Broader technology sector job cuts have also accelerated. According to a report by Challenger, Gray and Christmas, U.S. tech firms announced 10,799 cuts in September, representing a 77% increase from August. Total tech sector cuts reached 165,925 for the year, up 54% from the previous year, accounting for 29% of all U.S. job cut announcements in September.
