Coinbase Slips to 76th in Trading Volume as it Announces Massive Layoffs and Office Closures

On April 21, 2025, Coinbase Global (COIN) experienced a slight decline of 0.02%, with a trading volume of $878 million, ranking 76th in the day's stock market activity.

Coinbase has announced that it will be laying off 20% of its workforce, which is approximately 1,000 employees. This decision comes as the company seeks to reduce costs and streamline operations in response to the challenging market conditions. The layoffs are expected to impact various departments, including engineering, marketing, and customer support.

In addition to the layoffs, Coinbase has also announced that it will be closing its offices in New York and San Francisco. The company has stated that it will be focusing on its core operations and will be reducing its physical footprint to better align with its long-term strategic goals. The closures are expected to result in additional job losses, although the exact number has not been disclosed.

Despite the layoffs and office closures, Coinbase has reiterated its commitment to innovation and growth. The company has stated that it will continue to invest in new technologies and products, and that it remains optimistic about the future of the cryptocurrency market. Coinbase has also announced that it will be launching a new platform for institutional investors, which is expected to be available in the coming months.