Anchorage Digital Layoffs: 17% Workforce Cut

Anchorage Digital reportedly cut 17% of staff, roughly 68 jobs, as Bitcoin trades near $84,810 and the crypto downturn pressures even chartered banks.

Anchorage Digital layoffs have reportedly hit the federally chartered crypto bank, with a 17% workforce reduction landing this week as Bitcoin trades at $84,810. The cut is a sharp reminder that even regulated, well-capitalized crypto firms are not immune to a prolonged market downturn.

What happened

According to The Information, CEO Nathan McCauley told employees this week that Anchorage would cut 17% of its workforce. Cointelegraph reached out to an Anchorage public relations contact but did not receive an immediate response, so the company has not publicly confirmed the figure.

Anchorage had about 400 employees globally as of February, based on McCauley's congressional testimony. If headcount stayed near that level, a 17% reduction works out to roughly 68 jobs — though the exact number is not confirmed.

Context matters here. Anchorage became the first crypto company to receive a national trust charter from the Office of the Comptroller of the Currency in 2021, and it was valued at $4.2 billion earlier this year. It also received a $100 million strategic investment from Tether and has expanded into stablecoin issuance, including Tether's new US stablecoin USAT.

Why it matters

Anchorage is not a speculative startup. It is a federally chartered digital asset bank and a major crypto custodian. When a firm with that profile trims 17% of staff, it signals that the revenue pressure in this cycle is reaching institutional-grade businesses, not just exchanges and DeFi projects.

The timing is awkward. Anchorage is pushing into stablecoin issuance with USAT while cutting costs. That combination suggests the company is reallocating resources toward newer revenue lines rather than abandoning its core custody business. For traders and holders, the takeaway is that infrastructure providers are being forced to prioritize profitability over headcount growth.

There is also a regulatory angle. Anchorage's national trust charter gives it a rare status among crypto firms. Layoffs at a chartered bank could invite questions from policymakers about whether the crypto downturn is undermining the very institutions they helped legitimize.

Market reaction

Bitcoin is trading at $84,810.00, down 2.22% over 24 hours, with 24h volume of $27,503,824,493 and a market cap of $1,704,071,436,927. The price briefly recovered above $87,000 on Friday, but it remains well below the $126,000 peak reached last October.

That gap — roughly 33% below the October high — frames the environment Anchorage is operating in. Crypto markets have struggled over the past year, and the latest BTC weakness shows that rallies are still being sold. For a custodian whose revenue is tied to asset values and trading activity, a sustained drawdown translates directly into pressure on fees and client balances.

What to watch next

Three things matter from here:

Confirmation from Anchorage. The company has not responded to requests for comment. If it confirms the 17% figure or provides a different number, the story changes.
The USAT rollout. Anchorage's stablecoin work with Tether is a growth bet. If USAT gains traction, it could offset custody weakness. If not, further cost cuts are possible.
Bitcoin's next move. A reclaim of $87,000 would ease pressure across the sector. A break below recent lows would make the current downturn feel more structural than cyclical.

Risk-wise, the biggest unknown is whether this is an isolated restructuring or the start of broader layoffs across crypto infrastructure. The exact number of jobs cut is still unconfirmed, so treat the roughly 68 figure as an estimate, not a fact.

FAQ

What is Anchorage Digital?

Anchorage Digital is a federally chartered US digital asset bank and a major crypto custodian. It received a national trust charter from the Office of the Comptroller of the Currency in 2021 and was valued at $4.2 billion earlier this year.

Why did Anchorage Digital cut 17% of its staff?

The reported layoffs come amid a prolonged crypto market downturn that has pressured revenue across the industry. Anchorage is also expanding into stablecoin issuance, including Tether's USAT, suggesting a shift in priorities rather than a full retreat. The company has not publicly confirmed the cuts.

How many jobs were cut at Anchorage Digital?

The exact number is not confirmed. Anchorage had about 400 employees globally as of February, per CEO Nathan McCauley's congressional testimony. A 17% reduction would amount to roughly 68 jobs if headcount stayed near that level.

Market snapshot

Prices at the time of writing (Oct 3, 2026 14:05 UTC).

Bitcoin (BTC): $84,810.00 — 24h -2.22%

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Anchorage Digital Layoffs: 17% Cut as Bitcoin Slips