State Street Corp. (NYSE:STT) is moving most employees at its digital-assets unit to other parts of the bank as part of a reorganization of the three-year-old division, resulting in a handful of job cuts, according to a media report dated Thursday.
The move comes as the wider crypto market is gaining steam on the heels of the recent approval of exchange-traded funds that invest directly in bitcoin (BTC-USD).
Three of the spot bitcoin (BTC-USD) ETF issuers were said to be served by State Street (STT) in terms of cash custody and fund accounting services.
It’s unknown how many staff were laid off from the unit, Bloomberg reported, citing people familiar with the matter. At the end of 2023, State Street Digital had some 100 full-time employees, the majority of which have been shifted to the bank’s traditional asset servicing and technology operations.