Valkyrie Investments, a provider of crypto exchange-traded funds (ETFs), has fired around 30% of its employees in the last few weeks, Bloomberg has reported.

The layoff, which has impacted the firm’s 23-member team, comes amid a tumultuous environment in the crypto market.

Based in Nashville, the US, the firm was founded around two years back.

Valkyrie Investments CEO Leah Wald was quoted by Bloomberg as saying: “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.

“Fortunately, the existing team has been thriving and the transition was seamless and without disruption.”

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Wald further revealed the firm’s plans to roll out a new product soon.

She said: “Our strong operations, investor relations, legal and portfolio-management teams are intact and we are excited to build with the team we have assembled.”

Valkyrie Investments currently has two funds trading, Valkyrie Bitcoin Miners ETF (WGMI) and Valkyrie Bitcoin Strategy ETF (BTF), after the recent liquidation of its Valkyrie Balance Sheet Opportunities ETF.

Prior to the latest FTX fiasco, crypto companies had been reducing their headcounts, according the news agency report.

Recently, crypto outfit Digital Currency Group and its subsidiary Genesis witnessed the exit of several of their employees.

Other crypto firms, including Coinbase Global, BlockFi, and Gemini Trust had also unveiled restructuring of their operations in recent months, added the report.