Anchorage Digital, the first federally chartered digital asset bank in the US, has initiated a workforce reduction of 17%. CEO Nathan McCauley informed the staff of this decision earlier this week. While the company has not issued an official statement, reports link the move to the ongoing downturn in the cryptocurrency market.
Based on testimony provided by McCauley in February 2025, the company employed approximately 400 people, suggesting the current cuts could impact around 68 positions. This is not the first instance of downsizing for the firm; in 2023, Anchorage Digital reduced its total headcount by 20%, citing challenges related to banking access.
The decision places Anchorage Digital among numerous industry players adjusting their operations throughout 2026. Other companies, including Gemini, Crypto.com, Coinbase, Dune, Luno, and Bitwise, have also implemented staff reductions this year. Some firms, such as BitMEX, Lisk, and Blast, have ceased operations entirely.
Broader trends in the technology sector reflect similar pressures. According to data from Challenger, Gray & Christmas, US tech firms announced 10,799 layoffs in September, marking a 77% increase from August. Since the beginning of 2026, the technology industry has reported 165,925 job cuts, representing a 54% rise compared to the previous year.
