$COIN

50 stories mentioning COINUpdated 2d ago

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Coinbase to Cut 14% of Workforce in AI-Driven Restructuring

Coinbase Global (COIN) is reducing its global workforce by 14%, citing the need to cut costs amid market volatility and how artificial intelligence has optimized its operations.The planned restructuring will affect about 700 employees, with the execution expected to be substantially complete in the second quarter, the cryptocurrency exchange said Tuesday in a filing with the US Securities and Exchange Commission.Coinbase is "well-capitalized" and has diversified revenue streams, Chief Executive Brian Armstrong said in a memo to employees that was shared on social media platform X. "Crypto is also on the verge of the next wave of adoption, with stablecoins, prediction markets, tokenization, and more taking off."However, the company's business is still volatile from quarter to quarter, Armstrong said."While we've managed through that cyclicality many times before and come out stronger on the other side, we're currently in a down market and need to adjust our cost structure now so that we emerge from this period leaner, faster, and more efficient for our next phase of growth," he said.The CEO also spoke about how AI has helped speed up Coinbase's operations in recent months."Over the past year, I've watched engineers use AI to ship in days what used to take a team weeks," he said. "The pace of what's possible with a small, focused team has changed dramatically, and it's accelerating every day."Coinbase projects roughly $50 million to $60 million in restructuring expenses, mainly related to employee severance and other termination benefits and which will be recognized substantially in the ongoing quarter, the filing showed.The company's shares were down 3.8% in Tuesday afternoon trade, bringing its year-to-date losses to roughly 14%."AI is bringing a profound shift in how companies operate, and we're reshaping Coinbase to lead in this new era," Armstrong said. "This is a new way of working, and we need to leverage AI across every facet of our jobs."Coinbase is scheduled to report first-quarter financial results Thursday.Price: $197.31, Change: $-5.68, Percent Change: -2.80%

$COIN

Wire131d ago

Coinbase Expects Majority of Restructuring Charges in Q2 Amid Job Cuts

Coinbase Global (COIN) is cutting about 700 employees, or roughly 14% of its global workforce, as part of a restructuring plan to manage operating expenses in response to current market conditions and optimize operations for the AI era, the company said in a filing Tuesday.The company expects to complete the plan largely in Q2 2026 and incur $50 million to $60 million in restructuring charges, mainly for severance and other termination benefits, with most costs recognized in the quarter.Shares of Coinbase Global were down 2.6% in Tuesday trading.Price: $199.23, Change: $-3.76, Percent Change: -1.85%

$COIN

Wire131d ago

Street Color: Coinbase Global Plans to Cut Roughly 14% of Workforce

$COIN

Wire131d ago

Goldman Sachs Lifts Price Target on Coinbase Global to $231 From $225, Maintains Buy Rating

Coinbase Global (COIN) has an average rating of overweight and mean price target of $239.50, according to analysts polled by FactSet.Price: $198.58, Change: $-4.42, Percent Change: -2.17%

$COIN

Sectors145d ago

Sector Update: Financial Stocks Retreat Late Afternoon

Financial stocks were declining in late Tuesday afternoon trading, with the NYSE Financial Index decreasing 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) off by 0.3%.The Philadelphia Housing Index was adding 0.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1.6%.Bitcoin (BTC-USD) was decreasing 0.2% to $75,717, and the yield for 10-year US Treasuries rose 4.2 basis points to 4.29%.In economic news, US retail sales rose 1.7% in March, above the 1.4% increase expected in a Bloomberg-compiled survey and following the previous month's revised 0.7% gain. Removing both motor vehicles and a 15.5% surge in gasoline station sales, retail sales were up 0.6% in March, the same as in February.US pending home sales increased more than expected in March despite higher mortgage rates, data from the National Association of Realtors showed.In corporate news, JPMorgan Chase (JPM) is working to secure approval from securities regulators in China to launch actively managed exchange-traded funds in the country for the first time, Bloomberg reported. JPMorgan shares were down 1.3%.Coinbase (COIN) and Gemini Titan have been sued by New York Attorney General Letitia James for allegedly violating the state laws against illegal gambling with their prediction markets, Reuters reported, citing complaints filed in a state court in Manhattan. Coinbase shares fell past 7%.Washington Trust Bancorp (WASH) reported late Monday a year-over-year decline in Q1 revenue that also trailed analysts' estimates. Its shares tumbled nearly 17%.Barclays (BCS) is facing scrutiny from UK regulators over its use of significant risk transfer, or SRT, transactions, Bloomberg reported. The review, known as a Section 166 probe, has been requested by the Prudential Regulation Authority, the supervisory arm of the Bank of England, the report said. Barclays shares fell 2.9%.

$BCS$COIN$JPM$WASH

Wire145d ago

Update: Market Chatter: Coinbase Global, Gemini Titan Sued by New York for Prediction Markets Allegedly Being Illegal Gambling

(Updates with statement from Coinbase in the fourth paragraph.)Coinbase Global (COIN) and Gemini Titan have been sued by New York Attorney General Letitia James for allegedly violating the state laws against illegal gambling with their prediction markets, Reuters reported Tuesday, citing complaints filed in a state court in Manhattan.James said that the two companies neglected to obtain licenses from the New York State Gaming Commission for the markets, which fit under the state's definition of gambling, according to the report. The attorney general added the two companies also allowed 18- to 20-year-olds use their platforms, going against the state's minimum age of 21 for mobile sports betting, the report said.James aims to recoup illegal profits, impose civil penalties triple of the amount, and provide restitution to customers, as well as to ban Coinbase and Gemini from allowing people under 21 to wager, the report said.Coinbase toldthat prediction markets are federally regulated national exchanges registered with the Commodity Futures Trading Commission. "Coinbase will continue to fight for the federal oversight of these markets that Congress intended," Chief Legal Officer Paul Grewal said.Gemini Titan did not immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $198.34, Change: $-13.29, Percent Change: -6.28%

$COIN

Sectors145d ago

Sector Update: Financial Stocks Retreat Tuesday Afternoon

Financial stocks were declining in Tuesday afternoon trading, with the NYSE Financial Index decreasing 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) off 0.4%.The Philadelphia Housing Index was adding 0.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1.8%.Bitcoin (BTC-USD) was decreasing 0.9% to $75,117, and the yield for 10-year US Treasuries was rising 5 basis points to 4.30%.In economic news, US retail sales rose 1.7% in March, above the 1.4% increase expected in a Bloomberg-compiled survey and following the previous month's revised 0.7% gain. Removing both motor vehicles and a 15.5% surge in gasoline station sales, retail sales were up 0.6% in March, the same as in February.In corporate news, Coinbase (COIN) and Gemini Titan have been sued by New York Attorney General Letitia James for allegedly violating the state laws against against illegal gambling with their prediction markets, Reuters reported, citing complaints filed in a state court in Manhattan. Coinbase shares fell past 6%.Washington Trust Bancorp (WASH) reported late Monday a year-over-year decline in Q1 revenue that also trailed analysts' estimates. Its shares tumbled 15%.Barclays (BCS) is facing scrutiny from UK regulators over its use of significant risk transfer, or SRT, transactions, Bloomberg reported. The review, known as a Section 166 probe, has been requested by the Prudential Regulation Authority, the supervisory arm of the Bank of England, the report said. Barclays shares fell 2.4%.

$BCS$COIN$WASH

Sectors145d ago

Sector Update: Financial

Financial stocks were declining in Tuesday afternoon trading, with the NYSE Financial Index decreasing 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) off 0.6%.The Philadelphia Housing Index was adding 0.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1.8%.Bitcoin (BTC-USD) was decreasing 0.9% to $75,117, and the yield for 10-year US Treasuries was rising 5 basis points to 4.30%.In corporate news, Coinbase (COIN) and Gemini Titan have been sued by New York Attorney General Letitia James for allegedly violating the state laws against against illegal gambling with their prediction markets, Reuters reported, citing complaints filed in a state court in Manhattan. Coinbase shares fell nearly 7%.

$COIN

Wire145d ago

Market Chatter: Coinbase Global, Gemini Titan Sued by New York for Prediction Markets Allegedly Being Illegal Gambling

Coinbase Global (COIN) and Gemini Titan have been sued by New York Attorney General Letitia James for allegedly violating the state laws against against illegal gambling with their prediction markets, Reuters reported Tuesday, citing complaints filed in a state court in Manhattan.James said that the two companies neglected to obtain licenses from the New York State Gaming Commission for the markets, which fit under the state's definition of gambling, according to the report. The attorney general added the two companies also allowed 18- to 20-year-olds use their platforms, going against the state's minimum age of 21 for mobile sports betting, the report said.James aims to recoup illegal profits, impose civil penalties triple of the amount, and provide restitution to customers, as well as to ban Coinbase and Gemini from allowing people under 21 to wager, the report said.Coinbase and Gemini Titan did not immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $201.15, Change: $-10.48, Percent Change: -4.95%

$COIN

Wire145d ago

Street Color: Coinbase Global Sued by New York for Alleged Breach of State Executive Law, Reuters Reports

$COIN

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