Anchorage Digital, the federally chartered US digital asset bank valued at $4.2 billion earlier this year, has reportedly eliminated 17% of its workforce as the cryptocurrency market continues to face pressure.
According to Cointelegraph, The Information reported that CEO Nathan McCauley told employees about the reductions during the week. Anchorage had approximately 400 employees worldwide in February, based on testimony McCauley gave to Congress at the time. If staffing remained near that level, a 17% cut would represent roughly 68 positions.
Anchorage did not immediately confirm the report. Cointelegraph said it contacted a public relations representative for the company but had not received a response at the time of publication.
Layoffs follow a difficult market backdrop
The reported workforce reduction comes after a prolonged period of weakness across crypto markets. Bitcoin briefly moved back above $87,000 on Friday, but remained well below the $126,000 high it reached last October, according to the source material.
For Anchorage, the cuts contrast with the company’s efforts to build a larger role serving institutional participants. The bank provides custody services for digital assets and operates within the regulated US financial system. A custodian holds and safeguards assets on behalf of clients, an especially important function for institutions that require formal controls around their crypto holdings.
The company received a national trust charter from the Office of the Comptroller of the Currency in 2021, becoming the first crypto company to obtain one. Since then, it has developed into a significant crypto custodian, according to the report.
Expansion into stablecoins
Anchorage has also moved into stablecoin issuance. Stablecoins are digital tokens designed to maintain a relatively stable value, commonly against a national currency such as the US dollar. The company’s recent activities include work connected with Tether’s new US stablecoin, USAT.
Tether, the issuer behind USDT, made a $100 million strategic investment in Anchorage earlier this year. The investment and Anchorage’s stablecoin activity highlight the company’s expansion even as weaker market conditions have reportedly led to a smaller workforce.
The reported cuts therefore point to pressure on operating capacity or costs at a company that is simultaneously pursuing institutional and regulated-market opportunities. The source material does not provide further details about which teams or locations were affected.
Current crypto market picture
Moneyiar market data recorded at 09:08-09:09 on October 3, 2026, showed the following:
- Ethereum (ETH): $2,684.7261, down 2.42% over 24 hours and 0.18% over seven days.
- Tether USDt (USDT): $0.9998330, up 0.01% over 24 hours and 0.01% over seven days.
- STABLE: $0.0265724, down 6.10% over 24 hours and up 1.22% over seven days.
- Comedian (BAN): $0.0627918, down 4.75% over 24 hours and 9.07% over seven days.
These figures provide a snapshot of mixed performance across selected crypto assets, with the major stablecoin listed close to $1 while several other assets were lower over the previous day.
