Anchorage Digital cuts 17% of workforce amid crypto slump
42b crypto bank Anchorage Digital has reportedly cut about 17% of its workforce, The Information said, as crypto markets stayed weak. The federally chartered digital asset bank, valued at $4.2 billion earlier this year, is still expanding into stablecoins and recently took a $100 million investment from Tether.
Key Takeaways
- Anchorage Digital reportedly cut roughly 17% of staff after CEO Nathan McCauley informed employees this week.
- The firm had about 400 employees globally as of February, implying around 68 roles if headcount was similar.
- The cuts arrive amid a prolonged crypto downturn, even as Bitcoin briefly traded above $87,000.
- Anchorage continues institutional growth, including stablecoin issuance tied to Tether’s USAT and a $100 million Tether investment.
- Cointelegraph sought confirmation from Anchorage’s PR contact but did not receive an immediate response.
What did Anchorage Digital announce about job cuts?
According to people familiar with the matter cited by The Information and reported by Cointelegraph, Anchorage Digital CEO Nathan McCauley informed employees this week of a 17% workforce reduction. The company had not issued an immediate public confirmation when Cointelegraph asked.
Cointelegraph said it reached out to a public relations contact representing Anchorage for confirmation but did not receive an immediate response. Until Anchorage comments, the reported scale and timing rest on The Information’s sourcing as relayed by Cointelegraph.
McCauley’s February congressional testimony put Anchorage’s global headcount at about 400. A 17% cut at that level would amount to roughly 68 jobs, Cointelegraph noted, if staffing had remained near that figure.
Why does the timing of Anchorage’s layoffs matter?
The Information framed the reduction against a year-long crypto market struggle. Bitcoin briefly recovered above $87,000 on Friday but remained well below its $126,000 peak reached last October, Cointelegraph reported.
That backdrop shows why a federally chartered US digital asset bank valued at $4.2 billion earlier this year could still trim headcount while crypto prices stay far off recent highs.
Readers tracking bank and custody developments can find related coverage in our Fintech & Crypto Alerts hub.
Is Anchorage still expanding despite the cuts?
On the product and partnership side, yes. Anchorage became the first crypto company to receive a national trust charter from the Office of the Comptroller of the Currency in 2021 and has since grown into a major crypto custodian.
More recently, the company expanded into stablecoin issuance, including Tether’s new US stablecoin USAT. Earlier this year, Anchorage received a $100 million strategic investment from Tether, according to Cointelegraph.
The reported layoffs therefore sit alongside an institutional push: fewer staff on paper, but deeper rails in custody and dollar-linked stablecoins. That mix is what makes the 42b crypto bank Anchorage story notable for markets watching who cuts costs—and who keeps building—through the downturn.