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Cryptocurrency analytics and research firm Messari has laid off approximately 15% of its workforce as part of an organizational restructuring, CEO Eric Turner confirmed to The Block on Friday.
“We made some changes to our organizational structure earlier this week to streamline the business and double down on the growth we've seen across our core product lines,” Turner said in a direct message. The company has not yet issued a public statement regarding the layoffs.
The 15% reduction in staff pertains to full-time employees, while the company has also opted not to renew several contractor agreements, according to a source familiar with the situation. Such actions are reportedly common at the beginning of the year.
The layoffs at Messari come during a wave of job cuts across the cryptocurrency sector. U.S.-based exchange Kraken, blockchain game developer Sky Mavis, and stablecoin issuer Paxos have all recently announced staff reductions. Additionally, rival blockchain media outlet CoinDesk has undergone multiple rounds of layoffs, including the departure of three senior editors following its acquisition by the Bullish crypto exchange.
Founded in 2018, Messari has built a reputation as a leading blockchain research firm, offering analytical reports, pricing data, and hosting its annual Mainnet conference in New York City. Despite its prominence, the company has faced challenges, including the controversial departure of its founder and former CEO, Ryan Selkis.
Selkis, who had been an outspoken figure in the crypto community, stepped down as CEO following backlash over politically charged comments. Using his alias “twobitidiot” on social media, Selkis faced criticism after expressing incendiary views, including a post wishing harm upon opponents of then-President-elect Donald Trump. Selkis later acknowledged that his rhetoric had jeopardized the company, saying, “This week was the first week in 6.5 years that my politics and rhetoric put the team in harm’s way.”
Turner, previously Messari’s vice president of market intelligence, took over as CEO after Selkis’ resignation. Under Turner’s leadership, the firm has aimed to stabilize and focus on its core offerings.
At its last funding round in 2022, Messari was valued at $300 million, with prominent investors including Steve Cohen’s Point72 Ventures, Brevan Howard, and Mike Novogratz’s Galaxy Digital. Founder Ryan Selkis had previously outlined ambitions to hire 1,000 analysts, a target that now seems distant amid the current industry downturn.
The layoffs at Messari underscore the broader challenges facing the crypto industry, which continues to grapple with market volatility and regulatory uncertainty.
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