NYDIG Lays Off a Third of Its Workforce Amid Leadership Changes and Record Bitcoin Holdings

NYDIG, a leading Bitcoin platform, has reduced its workforce by a third while announcing record-high BTC holdings and undergoing significant leadership changes.

Published on 2022-10-14

NYDIG Lays Off a Third of Its Workforce

NYDIG, a prominent Bitcoin company, has laid off approximately one-third of its employees, impacting around 110 workers. This move comes amid leadership changes, with former executives Robert Gutmann and Yan Zhao stepping down. Tejas Shah has been appointed as the new CEO, and Nate Conrad has taken on the role of president.

The company has not disclosed the reasons behind the layoffs or the executive reshuffle. Despite these changes, NYDIG reported that its Bitcoin holdings reached all-time highs during the third quarter, nearly doubling compared to the same period last year.

NYDIG's Growth and Funding

NYDIG, valued at over $7 billion after a $1 billion funding round last year, aims to build an institutional-grade Bitcoin platform. The company, backed by venture capital firms like WestCap and Bessemer Venture Partners, focuses on providing easier access to cryptocurrencies for retail banking clients through partnerships with financial institutions.

The layoffs and leadership changes appear to be part of a strategic restructuring, though the company has not provided further details. NYDIG remains a key player in the Bitcoin space, with its platform serving fintech, insurance, and banking industries.

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