According to the report, the layoffs were announced to approximately 110 people on September 22. The cuts were made to reduce expenses and focus on parts of the business, according to the company.
On October 3, the company announced a reorganization of its executive ranks, with CEO Robert Gutmann and president Yan Zhao stepping down and Tejas Shah and Nate Conrad taking their places. Stone Ridge Holdings Group, NYDIG's parent company, has retained Gutmann and Zhao.
NYDIG also stated in October that the third quarter saw record bitcoin balances. Revenues were up 130% in the second quarter, and the company anticipated additional increases in the third. Founder and executive chairman, Ross Stevens, stated that the company's balance sheet was the strongest it had ever been and that the company was now investing aggressively in a capital-starved market.
NYDIG was established in 2017 following the establishment of Stone Ridge Holdings Group in 2012 by Gutmann, Zhao, and Stevens.
It is one of several cryptocurrency companies that have confirmed job cuts and key departures in recent months as the industry remains in a bear market. Since August, executives have already been leaving in their droves, with companies such as crypto market maker GSR and Indian crypto exchange WazirX lately announcing layoffs.
How do you think this will impact the company's ability to compete in the market? Let us know your thoughts by sharing this article on social media.
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