Elwood Technologies, the cryptocurrency-focused trade execution and risk management platform backed by billionaire hedge fund manager Alan Howard, is in talks to sell part of the business, according to four people with knowledge of the situation.

Elwood has re-evaluated its road map and is focusing on its existing portfolio management and risk management software-as-a-service business and less on the trading side, one of the people said.

London-based Elwood employs about 100 staff across offices in the U.K., U.S., Jersey and Singapore. Elwood comprises trade execution and portfolio management software, with risk management services such as exposure tracking and collateral monitoring added in May last year.

The company made $11.5 million in revenue in 2023, but reported a loss of $16.9 million after paying operating expenses of $23.3 million, according to a filing.

A second person said Howard’s current reorganization of his portfolio of crypto investments has resulted in changes at Elwood. Earlier this year, Bloomberg reported that Howard was looking to sell his stakes in crypto exchange Bitpanda and custody firm Copper to focus on Brevan Howard Digital.

Elwood raised $70 million in Series A funding in early 2022 led by Goldman Sachs and Dawn Capital, with investors including Barclays, Commerzbank’s CommerzVentures and Galaxy Digital Ventures.

Elwood declined to comment.

Read more: Institutional Crypto Trading Platform Elwood Technologies Expands Offerings

Update (May 28, 11:09 UTC): Elwood is in discussions to divest its direct trading but remains focused on execution management services in addition to portfolio management services and risk management services.

Update (May 28, 15:04 UTC): Changes partners to operating expenses in the 5th paragraph.