Osprey Funds’ Shrinking Workforce
As crypto winter continues to chill investor enthusiasm, Osprey Funds—once a bustling hub of digital asset management—has become a ghost town, with fewer than 10 employees left standing. Following reports that the firm laid off 15 of its staff since summer 2022, CEO Greg King assured the world that, despite the shrinking crew, the ship isn’t sinking. In fact, the layoffs were merely a reflection of the broader market downturn, not a sign of imminent closure.
What Does Osprey Offer?
For those still brave enough to tread the waters of cryptocurrency, Osprey Funds specializes in providing accredited investors with unique crypto-focused investment products. This includes their over-the-counter Bitcoin (BTC) trust, which makes it as easy as pie—or at least a slice of it from your brokerage account—to invest in the digital gold.
Crypto Layoffs: The New Normal
It seems layoffs in the crypto domain have become as common as Sunday brunch. The market has seen a slew of significant job cuts; the big players aren’t immune. Coinbase, for one, sliced away more than 60 employees in November, shortly after making downsizing moves that impacted 18% of its workforce. Meanwhile, Kraken decided to trim 30% of its global workforce. Who needs a full crew when the ship’s sailing through treacherous waters, right?
Waning Institutional Appetite
The appetite for crypto products has dimmed, reflecting the more cautious approach of institutional investors grappling with a turbulent market. The demand for riskier assets has been notably subdued, largely due to tightening liquidity conditions globally. In fact, 2022 stamped its mark as the worst year for global equities and bonds in over a decade. But there’s a flicker of hope on the horizon!
Glimmers of Hope
A recent survey, sponsored by Coinbase, found that 62% of institutional investors have actually increased their exposure to digital assets over the past year. Could this mean we’re at the dawn of a crypto revival? Only time will tell—but for now, Osprey Funds is navigating the choppy waters with its reduced team while others in the space brace for what comes next.
