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NYDIG laid off a third of its employees last month, according to sources.

Corporate leaders reportedly told 110 affected employees on September 22. The company intended to decrease costs and focus on promising firms, according to interviewees. 1.5 weeks before NYDIG's top two leadership changes, staff was reduced. On October 3, Robert Gutmann and Yan Zhao quit NYDIG. Tejas Shah and Nate Conrad have taken over for NYDIG's parent firm, Stone Ridge Holdings Group. Both posts stay. NYDIG's statement didn't discuss layoffs or why it replaced leaders. First-half sales jumped 130%, according to a report. NYDIG's founder said, "We're spending aggressively in a capital-starved market." NYDIG offers bitcoin trading, brokerage, custody, and asset management. The December funding valued the company at $7 billion. NYDIG backed Massachusetts Mutual Life Insurance's $100 million bitcoin acquisition a year ago, indicating mainstream finance's interest in cryptocurrency. MassMutual invested $5M in NYDIG. Stevens, Gutmann, and Zhao established Stone Ridge in 2012. Gutmann remains on NYDIG's board. This year digital currencies and the businesses serving them reversed drastically. Genesis Global Trading, Coinbase, and BlockFi all lost employees after a $2 trillion selloff. Voyager Digital and Celsius Network LLC declared bankruptcy. Changing crypto executive suites Genesis, MicroStrategy, Kraken, and FTX's U.S. affiliate lost prominent executives.
 

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