Osprey Fund, a crypto asset management company that operates Osprey Bitcoin Trust (OBTC)is operating with fewer than 10 employees after layoffs, Yahoo Finance reported on Jan. 9, citing a source familiar with the matter.
The cryptocurrency issuer laid off 15 employees, making it the latest company to lay off staff during a bear market. Osprey Funds CEO Greg King told his Yahoo:
“Osprey cut jobs last summer and fall in line with the downturn in the cryptocurrency market, but Osprey remains strong.”
The cryptographic issuer listed 22 employees on its website last April. By mid-August, Osprey was operating with 19 of his employees, according to Yahoo Finance, but by the end of November it was down to four more executives.
The layoffs took place after the company failed to launch a hedge fund in August, sources told Yahoo Finance.
Osprey manages approximately $67.6 million in assets across BNB, Polygon, Algorand and Polkadot trusts. OBTC said he had $46.9 million in assets under management as of January 6.
Job cut across the board
Around 9,500 cryptocurrency professionals will lose their jobs in 2022, according to the report. block researchThis includes layoffs by well-known players such as Crypto.com, Coinbase, Kraken and Robinhood.
Crypto layoffs are part of a larger trend of job cuts across tech companies. Data from layoffs.fyi shows that tech companies laid off 151,600 jobs last year. According to The Block Research, cryptocurrency layoffs account for 6.2% of total layoffs in the tech industry.
Job cuts continue into 2023, with struggling crypto lender Genesis laying off 30% of its workforce last week.
Cryptocurrency exchange Huobi, which laid off 300 employees in 2022, has announced plans to cut its workforce by another 20%.