Coinbase cut 700 jobs and told the SEC it was reorganising the company for the AI era

Coinbase cut about 700 employees, roughly 14% of its global workforce, on May 5, 2026. Its filing with the US Securities and Exchange Commission gave two reasons: managing operating expenses in response to market conditions, and optimising "the Company's operations for the AI era". Chief executive Brian Armstrong said the company was "not just reducing headcount and cutting costs" but "fundamentally changing how we operate". He said AI had allowed engineers to ship in days what used to take a team weeks, that non-technical staff were now writing code with AI, and that many of the company's workflows were being automated, changes he said influenced the decision. Coinbase is flattening its structure, replacing managers who only manage with "player-coaches" and forming small AI-native pods of its most AI-proficient staff.