NYDIG, a bitcoin trading and banking firm, laid off about a third of its workforce last month, the Wall Street Journal reported. Company executives informed employees affected by the job cuts, which numbered around 110, on Sept. 22. Employees were told the firm was seeking to trim expenses and narrow its focus to more promising businesses. The cutbacks came less than two weeks before NYDIG announced publicly that it had replaced its top two executives. On Oct. 3, NYDIG said that Chief Executive Officer Robert Gutmann and President Yan Zhao had stepped down from their roles. The executives, who will remain with NYDIG parent Stone Ridge Holdings Group, were replaced by Tejas Shah, formerly head of institutional finance, and Nate Conrad, global head of payments, respectively. NYDIG didn’t specify in its statement why the firm was swapping out its top executives, and didn’t note the recent layoffs. The company’s statement said it was on pace for record revenue this year, with sales up 130% during the first half. Ross Stevens, NYDIG’s founder, said, “The firm’s balance sheet is the strongest it’s ever been, and now we’re investing aggressively into a capital-starved market.”
