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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
10/03/2026

Anchorage Digital Cuts 17% of Workforce Amid Market Downturn

What happened: Anchorage Digital, a crypto bank valued at $4.

Anchorage Digital Cuts 17% of Workforce Amid Market Downturn

What happened: Anchorage Digital, a crypto bank valued at $4.2 billion earlier this year, has reportedly laid off 17% of its staff—about 68 jobs—amid ongoing industry cost pressures. The cuts follow a $100 million investment from Tether and the firm's expansion into stablecoin issuance, including Tether's USAT. CEO Nathan McCauley attributed the layoffs to market headwinds despite recent institutional growth.

Why it matters: The move signals that even well-capitalized, institutionally focused crypto firms are not immune to market volatility and revenue compression. Anchorage's decision to reduce headcount, despite recent investments and product launches, suggests a broader trend of cost rationalization across the sector as Bitcoin retraces from its 2025 highs and trading activity cools.

Source: Cointelegraph