Valkyrie Investments, Inc. has let go about 30% of its 23-person staff in recent weeks, according to a Bloomberg report.

“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,” Valkyrie CEO Leah Wald told Bloomberg.

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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.

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Digital Asset Manager Valkyrie Lays Off 30% of Staff: Bloomberg

The provider of crypto exchange-traded funds has trimmed its 23-person workforce

Is Bitcoin Losing Its Bullish Momentum?