Closes Down Asset Management Arm in Wake of Crypto Winter and Industry Issues – Bitcoin News


As per reports and a filing that puts its name on the U.K. companies’ register list, is shutting down its Asset Management subsidiary. A company representative stated that the deteriorating “macroeconomic conditions” and the “crypto winter” were some of the reasons for concluding the institutional business.

Effects of Crypto Winter on the Cryptocurrency Industry

In the last couple of days, it appears that the crypto winter will persist, as the global crypto market capitalization has dropped 6.82% in the last 24 hours to $931 billion. Additionally, there has been a wave of failing crypto firms and bankruptcies throughout the industry, as well as considerable layoffs, with no firm seeming to be exempt. On Friday, reports pointed out that is stopping its London-based subsidiary, Asset Management (BCAM), and market analysts noted that the firm has been taken off the U.K. companies’ register list.

A representative for the company talked with Emily Nicolle, a Bloomberg News correspondent who was the first to report on the news. “Scoop: [] has suspended its asset management arm, moving to shut down the unit exactly 11 months after it launched. In that time, the firm cut hundreds of jobs and saw its valuation possibly cut to a fraction of its former $14 [billion in] size,” Nicolle tweeted. Nicolle reached out to, and a representative provided a comment regarding the BCAM situation.

“ Asset Management launched in April 2022, shortly before macroeconomic conditions worsened rapidly,” a representative told Nicolle by email. “With the ‘crypto winter’ now near its one-year mark, we made the business decision to pause operating this institutional product.” BCAM was created through a partnership between and Altis Partners. When BCAM was announced, it was meant to appeal to high-net-worth individuals, institutional investors, and family offices.

Tags in this story
Altis Partners, Asset Management, bankruptcies, Blockchain, Bloomberg News, Business Decision, Company Valuation, contagion, crypto firms, Crypto Winter, Cryptocurrency, Digital Assets, economic conditions, Family Offices, Financial Markets, Financial Services, Global Economy, High-Net-Worth Individuals, Industry Challenges, Industry Impact, Industry Turmoil, institutional investors, Institutional Product, layoffs, Market Capitalization, Market Observer, partnership, regulatory landscape, UK Companies Register

What do you think the future holds for cryptocurrency firms amidst the on-going issues faced by the industry, such as the crypto winter and higher regulation? Share your thoughts in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons, T. Schneider /

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Related articles

Recent articles