Coinbase disclosed plans Tuesday to cut about 14% of its global workforce, citing the current crypto market downturn and a shift toward AI-driven operations.

The company said in an SEC filing that it expects to incur $50 million to $60 million in restructuring charges as it lays off about 700 employees. Almost all those costs are cash-based expenses tied to employee severance and termination benefits. Execution of the plan is expected to be complete in the second quarter of 2026, with most charges recognized in the same period, the company said.

Coinbase CEO Brian Armstrong described the decision as driven by two converging forces. The first is the crypto market pullback: “We’re currently in a down market and need to adjust…