Anchorage Digital, the federally chartered digital asset bank, has cut 17 percent of its global workforce, CEO Nathan McCauley told staff earlier this week.
Approximately 68 positions are affected. Anchorage's workforce stood at about 400 as of February, making the reduction precise to timing and headcount.
The layoffs follow a year-long cryptocurrency market contraction. Bitcoin is trading at $84,424 after briefly topping $87,000 on Friday—still 33 percent below its October peak of $126,000.
Anchorage was valued at $4.2 billion earlier this year. The firm holds the distinction of being the first cryptocurrency company to secure a national trust charter from the Office of the Comptroller of the Currency in 2021, positioning it as a major regulated custodian in the U.S. digital asset market.
Despite the cuts, Anchorage is expanding in regulated stablecoin issuance. The firm participates in Tether's U.S. stablecoin, USAT, and received a $100 million strategic investment from Tether earlier this year.
This is the second major workforce reduction for Anchorage in three years. The firm cut 20 percent of staff roughly three years ago, signaling structural pressures across the digital asset sector as institutions recalibrate burn rates during extended bear cycles.
