New York-based digital investment group NYDIG has laid off nearly a third of its workforce, some 110 people in all. according to the Wall Street Journal, citing sources with the matter on Thursday.

The layoffs took place over roughly “a few weeks,” according to three people familiar with the matter, with company executives issuing formal layoff notices on Sept. 22.

Bitcoin trading and banking firm NYDIG said the layoffs were part of a quest to cut spending and narrow its focus to more promising businesses.

NYDIG is a full-service, vertically integrated financial services company for Bitcoin only.

On October 3, NYDIG announced that CEO Robert Gutman and Chairman Zhao Yan had resigned, with NYDIG executives Tejas Shah and Nate Conrad taking over as CEO and Chairman, respectively.

The retirement of Robert Gutman and Zhao Yan will return to Stone Ridge Holdings Group, the parent company of NYDIG.

Stone Ridge was founded in 2012 by current CEO Ross Stevens. In 2017, the founder launched the Bitcoin-powered New York Digital Investment Group (NYDIG), where he serves as CEO.

“The company’s balance sheet is the strongest it’s ever been, and we’re now aggressively investing in a capital-hungry market,” Stevens said.

On September 13, Stone Ridge Asset Management, a New York-based global asset management firm, announced plans to liquidate and dissolve its Stone Ridge Bitcoin Strategy Fund with the Securities and Exchange Commission (SEC).

On Oct. 3, New York-based digital investment group NYDIG said it had raised $720 million for its institutional bitcoin fund, according to filings with the US Securities and Exchange Commission.

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