Anchorage Digital, the federally chartered U.S. digital-asset bank and crypto custodian, has cut 17% of its workforce as a prolonged downturn in cryptocurrency markets puts pressure on the industry.
Chief Executive, Nathan McCauley, informed employees of the layoffs this week, according to The Information, which cited people familiar with the matter. Anchorage had about 400 employees globally as of February 2026 meaning the reduction would amount to roughly 68 positions if its headcount had remained at that level.
The cuts after the company undertook a similar workforce reduction 4 years ago that saw 20% of its staff laid off despite securing $350 million in Series D funding in 2021. At that time, Anchorage Digital was the sole federally-chartered crypto bank in the United States.
Anchorage Digital, the Sole Federally Chartered Crypto Bank in the United States, Cuts Workforce by 20% as Pressure Piles
The cuts come despite Anchorage continuing to expand its institutional digital-asset business.
The company was the first crypto firm to receive a national trust charter from the U.S. Office of the Comptroller of the Currency in 2021 and has since developed a major custody operation serving institutional clients.
Anchorage was valued at about $4.2 billion in early 2026 (up from $3 billion in 2021) after Tether invested $100 million in the company. It has also expanded into stablecoin infrastructure including serving as the issuer of Tether’s U.S.-focused USAT stablecoin.
INSTITUTIONAL | Anchorage Brings Tokenized Uranium into Institutional Custody
The workforce reduction highlights the pressure facing crypto companies even as institutional adoption and regulated digital-asset infrastructure continue to expand.
REALITY CHECK | Crypto Leverage and Perpetuals Pioneer, BitMEX, to Wind Down Operations After 11 Years in Operation
Anchorage has not publicly disclosed the exact number of employees affected.
Silvergate, a Key Crypto Bank in the United States, to Shut Down and Liquidate
Stay tuned to BitKE for institutional crypto developments globally.
Join our WhatsApp channel here.
Follow us on X for the latest posts and updates
Join and interact with our Telegram community
__________