Coinbase's AI Layoffs, a16z's $2.2B Fund, and Strategy's $12.5B Loss | The Breakdown

David covers three Wednesday stories: Coinbase laying off 14% of staff, a16z Crypto raising $2.2 billion, and Strategy losing $12.5 billion as CEO Phong Le floats selling bitcoin. We also unpack the AI-first layoff narrative, the potential return of the infra supercycle ($6B+ raised across crypto VCs in 2026), and why a Cambrian explosion of DATs and ETFs might absorb whatever Saylor has to offload. TIMESTAMPS: 00:00 Intro 01:17 Coinbase Layoffs 07:15 Nexo Ad 07:50 Coinbase Layoffs (Cont.) 10:30 a16z Crypto Fund 5 15:17 Nexo Ad 16:09 a16z Crypto Fund 5 (Cont.) 22:30 Strategy Losses FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.