Coinbase Global Inc. (NASDAQ:COIN) saw its shares climb more than 4% in premarket trading Tuesday after unveiling a restructuring plan that includes a sizable reduction in headcount.
The cryptocurrency exchange said it will cut around 700 jobs, representing roughly 14% of its global workforce as of May 1, 2026.
According to the company, the move is intended to rein in operating expenses amid current market conditions while also streamlining operations to support its artificial intelligence initiatives. Coinbase expects to complete most of the restructuring during the second quarter of 2026.
The company estimates total restructuring costs will range between $50 million and $60 million, largely tied to severance payments and other employee-related expenses. It anticipates recognizing the bulk of these charges within the second quarter.
Coinbase added that final costs could vary from current estimates due to legal requirements and consultation processes in different jurisdictions, and that additional charges could arise if unexpected developments occur during the restructuring.