The Slashing Spree Continues As Novogratz's Galaxy Digital Explores Laying Off 20% Of Its Staff: Report 12

The Slashing Spree Continues As Novogratz’s Galaxy Digital Explores Laying Off 20% Of Its Staff: Report

  • Galaxy Digital is reportedly exploring slashing its workforce by 20%.
  • The company will also be sharing its Q3 report on November 9th.

Per a recent Bloomberg report, Galaxy Digital Holdings Limited, a leading crypto financial firm owned and operated by billionaire Michael Novogratz, is exploring eliminating its workforce by 20%.

Another Crypto Layoff?

A recent Bloomberg report shared how Michael Novogratz-owned Galaxy Digital is possibly exploring sacking 20% of its staff. The report cites “the downturn of the current crypto market” as the primary reason for the potential layoff. However, the report later adds that the plan of laying off staff could be changed, citing people familiar with the matter.

“We are always considering optimal team structure and strategy and will share plans when finalized. While our industries continue to face macroeconomic headwinds, Galaxy remains focused on building for the future state of institutional adoption and on enhancing long-term shareholder value.” Galaxy’s spokesperson, Michael Wursthorn, told Bloomberg.

The current crypto winter has compelled several big firms to crumble and collapse in its wake. Various crypto firms and exchanges, including crypto.com, Gemini, Coinbase, and OpenSea have already reduced their workforce to manoeuvre through the current crypto bear market phase.

In its recent Q2 report, Galaxy Digital reported a loss of nearly $554.7 million. The company’s shares have also plummeted 80% in the last year. The firm’s assets under management also recorded a 40% drop as compared to last year’s statistics.

Novogratz previously stated that he hoped Galaxy would end the year with around 400 employees, however, the recent report outlines that the firm may reduce its workforce to strategically sail through the current market meltdown. The company, at present, has 375 employees working in its domain.

Image: Galaxy Digital/Twitter