More job cuts, Coinbase shares gain following 14% workforce cut

Coinbase Global shares are trading over 4% higher in premarket trading on Tuesday after the cryptocurrency exchange announced a restructuring plan involving significant workforce cuts.

The company filed a notice on Tuesday stating it will reduce its workforce by approximately 700 employees, representing about 14% of its global workforce as of May 1, 2026. The restructuring aims to manage operating expenses in response to current market conditions and optimize operations for the AI era.

Coinbase expects the plan to be substantially complete 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 and other termination benefits. These charges are expected to be recognized substantially in the second quarter of 2026.