Anchorage Digital Cuts 17% of Staff as Crypto Downturn Bites $4.2B Bank

Anchorage Digital, the federally chartered US digital asset bank valued at $4.2 billion, has reportedly laid off approximately 17% of its workforce, according to a Friday report from The Information. CEO Nathan McCauley informed employees of the cuts earlier this week, people familiar with the matter said. With around 400 global employees as of February—per McCauley's congressional testimony—the reduction translates to roughly 68 positions. Cointelegraph contacted Anchorage's PR team for confirmation but received no immediate response.

The layoffs arrive against a backdrop of a prolonged crypto market downturn. Bitcoin briefly recovered above $87,000 on Friday but remains far below its $126,000 peak from last October. Despite the turbulence, Anchorage has continued expanding its institutional footprint, most recently moving into stablecoin issuance. The company partnered with Tether on the new USAT stablecoin and received a $100 million strategic investment from Tether earlier this year.

Founded as the first crypto firm to secure a national trust charter from the Office of the Comptroller of the Currency in 2021, Anchorage has grown into one of the largest regulated crypto custodians in the United States. The workforce reduction highlights how even well-capitalized, compliant digital asset firms are not immune to the broader bear market pressures rippling through the industry.