Anchorage Digital Cuts 17% of Workforce Amid Industry Cost Pressures
The federally chartered crypto custodian is reducing its staff by approximately 17% as part of a broader restructuring effort to manage sector-wide cost challenges.
Anchorage Digital is laying off roughly 17% of its workforce, citing cost pressures affecting the broader crypto industry. The company described the move as part of a wider restructuring, though it did not specify which teams are impacted or if any business units will be closed.
This is not the first time the firm has reduced its headcount. In March 2023, Anchorage cut approximately 20% of its staff, which amounted to about 75 employees at the time. That previous reduction followed a strategic review that led the company to prioritize institutional custody and regulated services.
During the 2023 layoffs, the company pointed to macroeconomic conditions, crypto market volatility, and regulatory uncertainty in the US as primary challenges. Despite those earlier cuts, the firm reported that its client assets under custody had reached record levels.
Anchorage Digital holds a unique position in the market as the only federally chartered, crypto-focused national trust bank in the US, having received its charter in January 2021. The firm also maintains regulatory licenses in jurisdictions including New York and Singapore.
In February 2026, an investment from Tether brought the company's valuation to $4.2 billion. It remains unclear if the current round of layoffs impacts the company's banking subsidiary, Anchorage Digital Bank N.A., as the firm did not provide specific details regarding the scope of the cuts.
Market participants may be watching for future updates regarding the company's assets under custody and any potential shifts in the operations of its banking arm.
