Crypto Hedge Fund Arca Has Trimmed 30% of Its Staff
The company currently has 66 employees, according to LinkedIn.
Jun 5, 2023 at 6:22 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/CUVFZ2CK6NGJPM2CH5HA2IPJG4.jpg)
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Arca has laid off 30% of its staff citing the continued crypto winter and regulatory uncertainty.
“Growth has been hard to predict in this extended bear market and uncertain regulatory environment,” a spokesperson for Arca told CoinDesk. “Our headcount adjustment will allow us to preserve capital and resources giving us a greater chance of success until this sector experiences a shift in sentiment and a clear regulatory picture.”
According to LinkedIn, the Los Angeles-based hedge fund currently has 66 employees. Founded in 2018, the company raised $10 million in a Series A funding round in 2021.
Arca has two separate divisions, investment management arm Arca Investments and a division focused on innovation, Arca Labs.
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Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.