(Bloomberg) -- Digital-asset investment firm Valkyrie Investments Inc., best known for its Bitcoin futures ETF, has let go of roughly 30% of its 23-person workforce in recent weeks, the latest deep job cuts in the sector amid the turbulence roiling the cryptocurrencies market.

“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,” said Leah Wald, chief executive officer of the Nashville-based firm. “Fortunately, the existing team has been thriving and the transition was seamless and without disruption.” 

Wald added that the approximately two-year-old company plans on launching a new product offering soon. “Our strong operations, investor relations, legal and portfolio-management teams are intact and we are excited to build with the team we have assembled,” she said. 

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Valkyrie’s layoffs are the latest amid what’s turning out to be historic turbulence for the cryptocurrencies industry, which is seeing Sam Bankman-Fried’s FTX empire crumble in bankruptcy. FTX’s Chapter 11 filing said that approximately 130 affiliated companies have commenced voluntary proceedings -- and the crisis has ensnared many others outside its immediate circle. 

Even before the FTX blowup, crypto firms had been cutting their workforces. Crypto conglomerate Digital Currency Group recently restructured and saw about 10 employees exit the company. Its subsidiary Genesis has also seen a number of top employees depart. Meanwhile, Coinbase Global Inc., BlockFi, Crypto.com, and Gemini Trust had all announced layoffs in recent months.

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Meanwhile, Valkyrie recently liquidated the Valkyrie Balance Sheet Opportunities ETF, which had traded under the ticker VBB and which had amassed just $860,000 in assets before its closure, Bloomberg data show. The company still has two other funds trading: the Valkyrie Bitcoin Miners ETF (WGMI) and the Valkyrie Bitcoin Strategy ETF (BTF), which had been the second Bitcoin futures ETF to come to market in 2021. 

“We feel firms that have opportunistically established themselves at this point of the current economic cycle will prosper moving forward, much like previous periods of distress in the last 25 years,” Wald said. 

--With assistance from Katie Greifeld.

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