Valkyrie Investments has laid off 30% of its staff in recent months and has closed a fund as the crypto ETF issuer tries to stay agile amid tough market conditions. 

The cuts amount to six people in the firm’s sales and marketing division — the company now has 16 full-time employees, Valkyrie CEO Leah Wald told Blockworks. The layoffs weren’t made all at once, she added, as the company started staff cuts in June. 

“Like many other companies in our industry, cuts needed to be made and ours were limited to sales and marketing,” Wald told Blockworks in a message. “We have also taken a hard look at our product mix and will be launching a new product offering soon.”