Coinbase Global Inc. (NASDAQ: COIN) announced a restructuring plan that will reduce its workforce by approximately 700 employees, representing about 14% of its global workforce as of May 1, 2026.

The cryptocurrency exchange said the plan aims to manage operating expenses in response to current market conditions and optimize operations for artificial intelligence development. The company expects to substantially complete the restructuring in the second quarter of 2026.

Coinbase estimates it will incur between $50 million and $60 million in total restructuring expenses, primarily consisting of employee severance and other termination benefits. The company expects to recognize substantially all of these charges in the second quarter of 2026.

The company noted that actual costs may differ materially from estimates due to local law requirements and consultation processes across various jurisdictions. Additional charges not currently contemplated may occur due to unanticipated events during the restructuring process.

The information is based on a company announcement made May 5, 2026.