Crypto exchange Coinbase is laying off 14 percent of its workforce.

The decision has been made public by CEO Brian Armstrong. In a post on X, he explained that the layoffs are mainly due to two concerns: Bear market, and AI.

"Coinbase is well-capitalized, has diversified revenue streams, and is well-positioned to weather any storm," he wrote. "However, our business is still volatile from quarter to quarter [...] we’re currently in a down market and need to adjust our cost structure."

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Cryptocurrencies , including Bitcoin and Ethereum, are currently recovering after a sharp downturn that started late last year . The price of Bitcoin is currently at about $81,400, down from its highs of about $127,000 in August 2025.

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Armstrong also explained that AI is changing how the company works.…