Messari trims staff by 15%

Crypto research firm Messari has cut its workforce by 15% to focus on core priorities, reports The Block.

“Earlier this week we made some changes to our organizational structure to optimize the business and materially accelerate the growth we are seeing across our core product lines,” said company head Eric Turner in a conversation with the publication.

A person familiar with the matter said the firm also chose not to renew contracts with a number of freelancers — something often done at the start of the year.

Founded in 2018, Messari is among the best-known research firms in the crypto industry. The company publishes analytical reports, provides price data and hosts the annual Mainnet conference in New York.

In 2021 Messari raised $21 million, and in 2022 — $35 million at a $300 million valuation.

Former boss Ryan Selkis had planned to hire 1,000 analysts, but in July 2024 he stepped down.

It was likely prompted by the Messari founder’s statements regarding the assassination attempt on Donald Trump. According to CoinDesk, he reacted emotionally to the incident in a series of posts and also echoed the anti-immigration policy of the U.S. presidential candidate’s movement.

Layoffs are not uncommon in the industry: in December the largest mining pool, Foundry, cut headcount by 27% — from 274 to 200.

Late last year, well-known players such as Kraken and dYdX also made substantial staff reductions.