🔴 COIN is trading 4.11% down, reversing pre-market gains from its 14% workforce reduction announcement

Coinbase (COIN) is trading down at $194.64 (-4.11%), reversing pre-market gains after the company announced a significant corporate restructuring that will reduce its workforce by approximately 14%.

• The company will cut about 700 jobs as part of a strategic shift to become more efficient and "AI-native."
• The move initially sent shares up nearly 4% in pre-market trading as investors reacted to the potential for lower costs, but the stock fell into negative territory during the main session.
• Coinbase estimates it will incur $50 million to $60 million in restructuring costs, primarily for severance and termination benefits, which are expected to be recognized in the second quarter of 2026.