NYDIG supposedly dismissed 110 people, approximately 30% of its total manpower.
New York Digital Investment Group – an investment management firm that offers a wide variety of bitcoin services – reportedly laid off around one-third of its staff in September.
Not long ago, it announced the departure of CEO Robert Gutmann and President Yan Zhao. Despite the redundancies, the former leaders remained as key members of NYDIG’s parent company – Stone Ridge Holdings Group.that last month NYDIG let go 110 people, or 30% of its total workforce, as a cost-cutting measure during the ongoing bear market. Specifically, the firm told the affected employees that it is “seeking to trim expenses and narrow its focus to more-promising businesses.
The aforementioned amendments came as a surprise since the cryptocurrency-focused entity disclosed its bitcoin balances hit an all-time high during Q3, up almost 100% YOY. In addition, its revenue was up by 130% in the second quarter of 2022, followed by another increase in Q3.$720 million for its institutional Bitcoin fund. Nonetheless, the US SEC is about to review the initiative, meaning it is not yet completed.
Ross Stevens – Founder and Executive Chairman of NYDIG – said the firm’s balance sheet is “the strongest it’s ever been.” He claimed, though, that the changes in its structure are necessary when “markets crumble.”In 2021, prompted by the crypto bull run, many companies in the sector expanded their operations and hired more employees to cope with the growing demand for digital asset products and services. However, this year’s negative trends changed the tides completely.
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