May 5 (Reuters) – Coinbase said on Tuesday it will cut about 700 jobs, or about 14% of its global ​workforce, as part of a restructuring plan aimed at ‌reducing costs and repositioning the business for the artificial intelligence era.

The move comes as the crypto exchange navigates volatility in crypto markets. ​

Layoffs have been widespread across US companies at the ​start of the year, as businesses cut expenses, simplify ⁠operations and adjust to the growing use of AI ​tools.

Shares of Coinbase were up about 4% in premarket trading.

The ​company expects to complete the exercise largely in the second quarter of 2026.

Coinbase said in a blog post it was well-capitalized and positioned for ​long-term growth, but added that current market conditions required ​it to streamline operations so it could emerge leaner and more efficient ‌ahead ⁠of the next cycle.

CEO Brian Armstrong also cited rapid advances in artificial intelligence, saying new tools were allowing non-technical teams to ship code and automate tasks that previously required larger ​headcounts.

Coinbase expects to ​incur about $50 ⁠million to $60 million in total restructuring expenses, mainly tied to employee severance and other termination benefits, ​with most of the charges to be ​recognized in ⁠the second quarter.

It also said additional charges could arise from unanticipated events tied to the restructuring.

Coinbase has previously undertaken rounds ⁠of job ​cuts during downturns in the crypto ​market, underscoring the sector’s sensitivity to trading activity and investor sentiment.