Valkyrie shrinks to 16 employees after the last cuts
Valkyrie shrinks to 16 employees after the last cuts
Valkyrie Investments has released 30 % of its employees in the past few months and closed a fund because the crypto ETF-emittent tries to remain agile under difficult market conditions.
The cuts are six employees in the company's sales and marketing department- the company now has 16 full-time employees, Leah Wald, CEO of Valkyrie, told Blockworks.
The layoffs did not take place at once, added it, since the company started to reduce personnel in June.
"As with many other companies in our industry, cuts had to be made, and our limited people were limited to sales and marketing," Wald said in a message to block works. "We also took a close look at our product mix and will soon bring a new product range to the market."
forest said the company was concentrating on the introduction of risk -controlled products, but refused to continue to comment. Valkyrie presented separately managed accounts (SMAS) for financial experts last month who want to offer their customers a crypto exposure.
The SMAs expanded a product suite that also includes two ETFs that are traded in the USA - Valkyrie Bitcoin Strategy ETF (BTF) and Valkyrie Bitcoin Miners ETF (WGMI).
BTF was the second Bitcoin futures ETF, which was introduced in the USA in October 2021-a few days after the Bitcoin Strategy ETF (Bito) from Proshares. The Valkyrie Fund manages assets of around $ 18 million, while Bito manages almost $ 600 million.
The company closed its balance sheet opportunities ETF (VBB) last month. The fund, which was launched last December, invested in listed companies with Bitcoin engagement.
industry observers said that the delisting of several crypto-related ETFs in Australia could become a global trend at the beginning of this month, since the so-called crypto winter is further progressing.
"We are currently not considering closing more ETFs," said Wald. "The Balance Sheet Opportunities ETF did not receive the traction for which Valkyrie had hoped, given the many imitators from competitors who also came onto the market."
The fund closure and cuts were carried out during a baisse that was recently reinforced by the collapse of the crypto exchange FTX, which reclaimed bankruptcy last week. In their last application for bankruptcy, which was published on Monday, FTX's lawyers said that the bankruptcy estate could have up to 1 million creditors.
Although various cryptoasset managers came into contact with FTX or his native token FTT, said Valkyrie on November 11th Were assets of customers were safe.
"The same controls that have prevailed from being exposed to this liquidity crisis also kept us from the consequences of Celsius, Voyager Digital or Three Arrows Capital," added the company.
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The contribution Valkyrie Shrinks Staff To 16 People After Latest Cuts is not a financial advice.