Crypto asset manager Osprey Funds, which manages the Osprey Bitcoin Trust (OBTC), is operating with less than 10 employees after layoffs, Yahoo Finance reported on Jan. 9 citing sources familiar with the matter.
The crypto product issuer laid off 15 employees and became the latest to cut jobs amid the bear market. Osprey Funds CEO Greg King told Yahoo:
“Osprey had layoffs last summer and fall aligned with the downturn in the crypto market, however Osprey remains strong.”
The crypto product issuer had 22 employees listed on its website in April last year. By mid-August, Osprey was operating with 19 employees, which was further cut down to just 4 executives by end of November, Yahoo Finance reported.
The layoffs were undertaken because the company failed to launch a hedge fund in August, the source told Yahoo Finance.
Osprey has around $67.6 million in assets under management across its BNB, Polygon, Algorand, and Polkadot trusts. OBTC had $46.9 million in assets under management as of Jan. 6.
Job cuts across the board
Around 9,500 crypto professionals lost their job in 2022, according to The Block Research. This 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 firms. Data from layoffs.fyi indicates that tech companies cut 151,600 jobs last year. Crypto layoffs accounted for 6.2% of the total layoffs in the tech industry, The Block Research reported.
The layoff spree is continuing in 2023, with embattled crypto lender Genesis laying off 30% of its workforce last week.
Crypto exchange Huobi, which laid off 300 employees in 2022, announced plans to reduce its workforce by another 20%.