Anchorage Digital, a federally chartered U.S. digital asset bank valued at $4.2 billion earlier this year, has reportedly cut 17% of its workforce, according to a report Friday from The Information.

Citing people familiar with the matter, the outlet reported that CEO Nathan McCauley informed employees of the cuts this week. Anchorage had about 400 employees globally as of February, per McCauley’s congressional testimony at the time, putting the reduction at roughly 68 jobs if headcount had stayed near that level.

The reported layoffs land against a crypto market that has struggled to recover over the past year. Bitcoin (CRYPTO: $BTC) briefly climbed…