Anchorage Digital is cutting approximately 17% of its workforce, the federally chartered crypto custodian confirmed, blaming cost pressures it says are pressing on the entire digital asset sector.

The reduction, which affects roughly one in six employees, marks the second round of layoffs at the company in roughly three years. The company attributed the move to industry-wide margin compression rather than to a lost client, a regulatory action, or a failed product line.

Company officials did not disclose an exact headcount affected by the latest cuts or identify which business units face the deepest reductions.

What triggered the cuts?

Anchorage pointed to sector-wide economics rather than to a single catalyst. Company officials told reporters the decision reflected broader challenges facing digital asset firms, not Anchorage-specific operational or client issues.

The cuts arrive against an extended period of cost discipline across crypto infrastructure providers. Trading volumes, token prices, and venture funding have all pulled back from 2021 peaks, compressing margins at exchanges, custodians, and trading desks.

How does this compare to 2023?

The 2026 round lands against a familiar backdrop. On March 14, 2023, Anchorage let go of approximately 75 employees, or about 20% of its staff at the time. That cut followed a months-long strategic review aimed at sharpening the company's focus on institutional custody and regulated services.

Anchorage cited three drivers for the 2023 reductions:

• US regulatory uncertainty
• Adverse macroeconomic conditions
• Crypto market volatility

The 2023 announcement came roughly a week after Silvergate, Signature, and Silicon Valley Bank all shut down or were seized by regulators. Anchorage officials at the time said those bank failures did not cause the layoffs, framing the cuts instead as a response to broader industry stress.

What is Anchorage's regulatory position?

Anchorage Digital Bank N.A. is the only federally chartered, crypto-focused national trust bank in the United States. The Office of the Comptroller of the Currency issued the charter in January 2021, granting the company a regulatory perimeter few competitors can match.

The company also holds regulatory licenses in multiple jurisdictions, including Singapore and New York, allowing it to deliver custody and settlement services to institutional clients across regions without routing through traditional banking partners.

In February 2026, an investment from Tether lifted Anchorage Digital's valuation to $4.2 billion. The Tether deal underscored the custodian's role as critical infrastructure for stablecoin issuers operating at scale, and gave the issuer a direct stake in regulated US custody.

What changes for clients?

Customer assets under custody reached record levels in 2023, even as Anchorage reduced headcount by a larger percentage than the current round. Whether that pattern repeats in 2026 remains unclear, and Anchorage has not yet published updated assets-under-custody figures for the period.

The company has not specified whether Anchorage Digital Bank N.A., the federally chartered subsidiary, will be touched by the latest layoffs. Banking operations were untouched in the 2023 round.

Anchorage is also expected to release operational updates in the coming months that should clarify which product lines and regional teams absorbed the heaviest reductions.

What should the industry watch?

Three signals will indicate whether the cuts reflect a temporary reset or a deeper retreat:

• Updates to assets under custody in quarterly disclosures
• Disclosure of which functional teams were affected
• Any change in operating posture at the federally chartered bank subsidiary

Anchorage holds a charter few crypto firms can claim. Its continued role as regulated infrastructure for stablecoins and tokenized assets will depend on whether this round of cost discipline preserves the unit economics required to sustain federal oversight.