Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today’s top news:

• Crypto majors fall as Iran concerns escalate; BTC at $66k


• Jack’s Block announces 40% layoffs, XYZ stock jumps 20% on news


• Ethereum leans further into post-quantum as Vitalik pushes roadmap


• ZachXBT exposes an Axiom employee for trading on inside information


• Magic Eden to sunset its BTC and EVM marketplace along with its wallet

🤖 Jack Dorsey Just Halved Block’s Workforce Because of AI

The Citrini article was right. But maybe not that early.

📌 What Happened

Jack Dorsey’s Block reported Q4 2025 earnings yesterday and then Jack dropped a bombshell on X—he’s cutting 40% of its staff due to AI.

The Block headcount is dropping from 10,200 to just under 6,000, all while the business is objectively not struggling.

Jack’s letter was blunt:

“Intelligence tools have changed what it means to build and run a company. A significantly smaller team, using the tools we’re building, can do more and do it better.”

He had two options, he said: cut slowly over months as AI takes over, or do it now. He chose now.

Block expects $450M to $500M in restructuring charges, mostly landing in Q1.

Notably, XYZ shares jumped 23% in after-hours trading.

🗣️ What They’re Saying

“I don’t think we’re early to this realization. I think most companies are late. Within the next year, I believe the majority of companies will reach the same conclusion and make similar structural changes. I’d rather get there honestly and on our own terms than be forced into it reactively.” - Jack Dorsey

“We are choosing to shift how we operate at a time when our business is accelerating.” - CFO Amrita Ahuja

🧠 Why It Matters

The timing of the Block cuts is critical to the virality of the story, coming on the back of the Citrini article which severely impacted markets just a few days ago.

If Jack cuts these jobs 3-4 months ago, it’s a blip on the radar.

But now everyone is paying attention and on hyper alert. And the fact that the market responded well (XYZ up 25% on the news) means that many other CEOs are likely going to evaluate their own cuts at a minimum.

Is cutting jobs the correct decision in the beginning of the AI era?

I’m personally not so sure (but that’s a longer discussion).

The reality is that every fintech, every exchange, and every crypto-adjacent company (hell, most companies in the world) now has a template and path to follow.

Cut to a smaller team, use AI tools, and generate the same or better output. And watch the market pump your stock by 25%.

So what does this mean for crypto?

The bull case: capital moves out of labor and into assets. Equities, real estate, and Bitcoin outperform. Bitcoin reclaims its digital gold status as a new generation looks for native assets to preserve wealth.

The bear case: if wages actually contract across huge swaths of employees, the retail bid for risk assets dries up. The people buying $500 of BTC on Cash App are no longer buying. The institutional bid slows. And crypto sees an extended winter until the AI crisis is resolved.

But certainly there will be other, bigger concerns if that bear case plays out. Let’s hope it doesn’t…



🌎 Macro Crypto and Markets

• Crypto majors are red as Iran strike odds; BTC -3% at $66K; ETH -5% at $1,960; SOL -5% at $83


• ZRO (+11%), DCR (+7%) and STABLE (+6%) led top movers


• Circle (CRCL) surged nearly 50% since Tuesday’s Q4 earnings beat, with USDC circulation up 72% YoY to $75.3B


• Vitalik Buterin published a post-quantum Ethereum roadmap targeting four vulnerable layers: BLS validator signatures, KZG data availability commitments, ECDSA wallet signatures, and ZK proof systems


• ZachXBT exposed an Axiom Exchange employee named Broox Bauer for allegedly using internal dashboards to map KOL private wallets and front-run memecoin positions since early 2025


• Congress introduced the Promoting Innovation in Blockchain Development Act, a bipartisan bill that would amend 18 USC 1960 to apply only to those who “exercise control over currency,” decriminalizing non-custodial DeFi developers


• Indiana passed HB 1042, requiring public retirement and savings plans to offer at least one crypto ETF option via self-directed brokerage accounts by July 2027


• MetaMask’s crypto Mastercard now offers US users cashback and travel perks, deepening the on-ramp to onchain spending

Corporate Treasuries & ETFs

• The Bitcoin ETFs saw another $254M in inflows on Wednesday, while the ETH ETFs put up $7M in net inflows


• Trump’s American Bitcoin posted a $59M Q4 loss as the mining firm’s stock slid further

Meme Coin Tracker

• Meme majors were red alongside majors; DOGE -4%, SHIB -4%, PEPE -5%, TRUMP -4%, PENGU -2%, SPX -3%, FARTCOIN -2%


• JellyBean soared 69x to $5M overnight leading new runners; Pigeon (+50%) and Macmini (+65%) other notable movers


• DX Research launched its live agent trading game with $25M deposited

💰 Token, Airdrop & Protocol Tracker

• Ethos announced a human verification tool to counter AI agents online along with a new whitepaper


• ‘Private Bitcoin’ is coming to Starknet with Zcash-like shielded features

🚚 What is happening in NFTs?

• NFT leaders were mixed; Punks +2% at 29.9 ETH, Pudgy -1% at 4.45 ETH, BAYC even at 6.04 ETH; Hypurr’s even at 470 HYPE


• DX Terminal (+42%) led top movers


• Magic Eden is expected to sunset its Bitcoin and EVM marketplaces (impacting Ordinals, Runes and more), along with its crypto wallet

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