Coinbase plans to cut roughly 14% of its workforce, affecting about 660 to 700 employees, as the company restructures operations amid volatile crypto conditions and a shift toward AI-driven processes. In communications to employees, CEO Brian Armstrong says the cuts support a “new way of working” and that the company needs to “leverage AI across every facet” of its jobs. Multiple outlets report that Coinbase’s workforce is about 4,700 people before the reductions.

The layoffs are framed by Coinbase as part of cost management and efficiency improvements rather than solely a response to the crypto downturn. Several reports note that the restructuring is expected to occur mostly in the second quarter, with Coinbase estimating restructuring expenses of up to $60 million, according to Bloomberg. Other coverage also describes the reorganization as making Coinbase “AI-native,” with fewer employees needed as AI speeds up and changes how work is carried out.

The announcements come shortly before Coinbase’s next earnings report, which outlets characterize as likely to be among the company’s weakest in recent history as a public company.