Overview
- Reports on Friday say CEO Nathan McCauley informed employees that Anchorage is cutting about 17% of its workforce as part of a company-wide restructuring.
- Based on McCauley’s February testimony that the firm had about 400 employees, a 17% reduction would equal roughly 68 jobs, though the company has not confirmed a precise headcount.
- Anchorage framed the move as a response to sector-wide cost pressures rather than a failure of a single product or client, and it has not disclosed which teams or business units are affected.
- The cuts follow a $100 million strategic equity investment from Tether and a reported $4.2 billion valuation earlier in 2026, highlighting a contrast between recent capital inflows and the need to lower costs.
- Anchorage is the only federally chartered crypto-focused national trust bank and previously cut about 20% of staff in March 2023, so observers will watch short-term effects on custody operations, product launches, and client services.