Crypto ETF issuer, Valkyrie Investment, has recently relieved 30% of its workers from their jobs. Nevertheless, Valkyrie Investment strived to remain in business following the harsh market condition experienced by the majority in the crypto space.
Records reveal that six people among the laid-off workers came from the firm’s sales and marketing session. Valkyrie CEO Leah Wald told the media that the company has 16 full-time workers.
However, she added that the company started cutting off its staff in June. Furthermore, the CEO stated that it was necessary to lay off some of its workers.
But she didn’t explain why the layoff was limited to only the sales and marketing departments of the firm. In addition, Wald revealed that the company has looked at their product mix and will launch new product lines that solve users’ needs.
The CEO also revealed the company’s plans to launch new innovative risk management tools. But she hesitated to give further information on them. She only said there would be separately managed accounts for its clients looking for crypt-inclined exposure.
Wald stated that Separately Managed Accounts (SMA) are one of the product suites. She added that the SMA has two ETFs already trading in the United States.
Also read:They are the Valkyrie Bitcoin Miners ETF and the Valkyrie Bitcoin Strategy (BTF). It is worthy of note that in October 2021, Valkyrie’s BTF was the second Bitcoin Futures launched in the United States.
It went live a few days after ProShares’ ETF Bitcoin Strategy (BITO). BITO has almost $600 million of assets under its management, while Valkyrie’s fund has about $18 million.
Valkyrie’s delisting of several crypto-related ETFs in Australia about two weeks ago led to suggestions by industry watchers that Valkyrie could close more of its ETFs as the bear market wears on.
Valkyrie’s ETFs And Safety Of User Funds
Meanwhile, Valkyrie’s CEO recently claimed that the company isn’t planning to close any ETFs. However, she also explained that the closed ETF didn’t meet the firm’s expectations due to severe competition as rival fund firms emerged.
The CEO blamed the recent fund closure and laying off its staff on the bear market propelled by the collapse of the world’s crypto exchange platform, FTX. However, a tweet by Valkyrie earlier this month revealed that some crypto asset managers have direct exposure to either FTX or FTT, the platform’s native token.
However, Wald argued that Valkyrie had no investment with FTX or Alameda, its sister platform. Hence, all clients’ funds in their procession are safe.
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