Anchorage Digital Cuts 17% of Staff After $100M Tether Investment

The juxtaposition of fresh capital and headcount cuts signals that the custodian is repricing its cost base around institutional settlement rather than retail or advisory lines, even with a strategic backer on the cap table. For institutional clients, the practical question is whether service continuity and compliance coverage hold through the transition, since custody relationships are sticky but not immune to operational disruption. Whether other regulated custodians follow with similar resets — or whether the Tether-backed expansion translates into visible settlement volume — is the open question.