Polygon Labs Cuts 19% of Staff, Bitcoin ETFs Gain 142K BTC, Celsius to Return $3B to Creditors
Summary:
Polygon Labs plans to cut 19% of its staff to enhance performance levels, while nine active Bitcoin ETFs, excluding Grayscale Bitcoin Trust (GBTC), added a total of 142,294 Bitcoins in January 2024. Further, Celsius is prepping to distribute $3 billion in crypto and fiat to creditors upon clearing Chapter 11 bankruptcy in the U.S.
Polygon Labs confirmed that it will lay off 19% of its workforce to improve its overall performance quality. In other news, all active Bitcoin (BTC) exchange-traded funds (ETFs), with an exception of Grayscale Bitcoin Trust (GBTC), collectively added 142,294 Bitcoins this January 2024. On a different note, Celsius, which recently emerged from a Chapter 11 bankruptcy case in the U.S, is set to allocate $3 billion worth of a mix of crypto and fiat currencies to its debt holders. On February 1, CEO of Polygon Labs, Marc Boiron, publicized a substantial staff reduction effort, which was deemed essential for the elevation of performance. The reduction in the workforce is not driven by financial considerations; in fact, current employees are set to receive a 15% salary increment. This is not the first time Polygon has downsized, having let go of 20% of its staff in February 2023. As the new year commenced, the technology and banking industries experienced prolific layoffs. BlackRock, the creator of one of the initial Bitcoin ETFs, is similarly aiming to cut down its staff size by 3%. Block Inc, led by Jack Dorsey, has reportedly terminated the contracts of approximately 1,000 employees. Meanwhile, public holdings data monitored by Cointelegraph highlights that Grayscale Bitcoin Trust (GBTC) decreased its Bitcoin reservoir by 21%, down to 487,025 BTC from 619,220 BTC, overall reducing 132,195 BTC in January. However, the remaining nine funds collectively acquired 142,294 Bitcoins. Currently, the sum of all ten Bitcoin ETFs is 647,709 BTC, a slight 1.6% increase from the initial sum of 637,610 BTC. This is approximated to be valued around $27 billion, according to CoinGecko. Some analysts have perceived the inception of the Bitcoin ETFs venture in the U.S. as a potential pressure point for the futures market. Finally, cryptocurrency lending establishment Celsius is prepared to distribute $3 billion in a mixture of crypto and fiat to debt holders, subsequently engaging a new Bitcoin mining company called Ionic Digital.
Published At
2/1/2024 10:11:21 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.