Foundry CEO Stepped Down After Seven-Year Tenure
The operator of the largest Bitcoin mining pool is looking for a new leader following a major workforce reduction.
Updated on Oct. 7, 2026 in Business Strategy
Live Poll
Does a sudden change in corporate leadership make you less confident in a company's future stability?
Mike Colyer has stepped down as CEO of Foundry, a subsidiary of Digital Currency Group, after leading the firm for seven years. He will remain with the organization in a strategic advisor role while the company seeks a successor.
Why it matters
The leadership change follows a significant restructuring at the Bitcoin mining pool operator that reflects broader shifts in how infrastructure-focused crypto firms are managing their operational footprints. The company is currently operating under a leaner structure following a reduction in headcount.
Foundry executed a 60% workforce reduction relative to its mid-2024 headcount of between 170 and 274 employees. The company maintains its position as the operator of the largest Bitcoin mining pool.
The players
Mike Colyer
The founding CEO of Foundry who served for seven years and previously held roles at Core Scientific and Savage IO.
Foundry
A subsidiary of Digital Currency Group that operates as the largest Bitcoin mining pool.
Digital Currency Group
A major holding company and parent entity that oversees a portfolio of businesses across the cryptocurrency and blockchain industry.
The details
Foundry is navigating a period of strategic refocusing after reducing its staff by more than half. The company serves as a key subsidiary of Digital Currency Group, providing infrastructure for the crypto mining sector. The leadership transition marks a significant shift for the firm as it moves forward without its founding CEO.
Timeline
October 2019: Mike Colyer joined Foundry as its founding CEO.
Mid-2024: Foundry maintained a headcount of 170 to 274 employees.
October 7, 2026: Mike Colyer stepped down as CEO.
Market Landscape
The leadership change at Foundry reflects the widespread operational restructuring seen across the cryptocurrency sector following the 2022-2023 cryptocurrency market contraction. This move tracks with a broader trend of infrastructure firms pivoting toward leaner operating models.
Operators in the crypto infrastructure space should monitor for the naming of a successor to determine the firm's long-term strategic direction. The 60% workforce reduction suggests a significantly tighter operational focus that may impact service levels or vendor requirements.
The takeaway
Foundry is recalibrating its business model under new leadership following a major downsizing. Managers should track how the firm's service capacity changes as they transition to this new, leaner operating structure.
Further reading
For more on shifts in organizational leadership and restructuring, see Business Strategy.
Source note: This article includes information reported by Crypto Briefing.
Live Poll
Does a sudden change in corporate leadership make you less confident in a company's future stability?
