Digital Asset Investment Firm Valkyrie Cuts About 30% of Staff

Valkyrie Investments Inc. (Valkyrie), a digital asset investment firm, has reportedly cut about 30% of its 23-person staff over the last few weeks, joining many other companies in the sector that have done the same. 

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"Our management team did a thorough review of asset growth year to date and reviewed every employee's role and contribution. Like many other companies in our industry, cuts needed to be made and ours were limited to sales and marketing," said Leah Wald, CEO of Valkyrie.

Last month, Valkyrie liquidated its Balance Sheet Opportunities ETF after less than one year. The demise of the bitcoin-focused investment vehicle was attributed to an ongoing product review to meet client demand.

Other crypto firms that have announced layoffs or seen employees depart in recent months include Digital Currency Group, Genesis, BlockFi​, Crypto.com​ and Gemini Trust, as reported.