{"id":287328,"date":"2023-01-10T01:00:27","date_gmt":"2023-01-10T01:00:27","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=287328"},"modified":"2023-01-10T00:27:29","modified_gmt":"2023-01-10T00:27:29","slug":"osprey-funds-is-operating-with-less-than-10-employees-after-layoffs","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/osprey-funds-is-operating-with-less-than-10-employees-after-layoffs\/","title":{"rendered":"Osprey Funds is operating with less than 10 employees after layoffs"},"content":{"rendered":"

Crypto asset manager Osprey Funds, which manages the Osprey Bitcoin Trust (OBTC)<\/a>, is operating with less than 10 employees after layoffs, Yahoo Finance reported on Jan. 9 citing sources familiar with the matter.<\/p>\n

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:<\/p>\n

“Osprey had layoffs last summer and fall aligned with the downturn in the crypto market, however Osprey remains strong.”<\/p><\/blockquote>\n

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.<\/p>\n

The layoffs were undertaken because the company failed to launch a hedge fund in August, the source told Yahoo Finance.<\/p>\n

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.<\/p>\n

Job cuts across the board<\/h2>\n

Around 9,500 crypto professionals lost their job in 2022, according to The Block Research<\/a>. This includes layoffs by well-known players, such as Crypto.com, Coinbase, Kraken, and Robinhood.<\/p>\n

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.<\/p>\n

The layoff spree is continuing in 2023, with embattled crypto lender Genesis laying off 30% of its workforce last week.<\/p>\n

Crypto exchange Huobi, which laid off 300 employees in 2022, announced<\/a> plans to reduce its workforce by another 20%.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":1386,"featured_media":96351,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77873],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nOsprey Funds is operating with less than 10 employees after layoffs<\/title>\n<meta name=\"description\" content=\"Osprey's management team is down to 4 executives. 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