Shares in Coinbase are trading more than 4% higher in pre-market trading on Tuesday after the cryptocurrency exchange announced a restructuring plan that includes significant workforce reductions.
The company issued a notice on Tuesday stating that it will reduce its workforce by approximately 700 employees, representing about 14% of its global workforce, effective May 1, 2026. The restructuring aims to manage operating expenses in response to current market conditions and improve operations for the era of artificial intelligence.
Coinbase expects the plan to be largely completed in the second quarter of 2026. The company estimates it will incur between $50 million and $60 million in total restructuring expenses, primarily consisting of employee severance pay and other termination benefits. These charges are expected to be largely recognized in the second quarter of 2026.
The company noted that actual amounts may differ significantly from current estimates, and additional charges may arise from unforeseen events during the restructuring process.
