- Cryptocurrency-focused financial services company Galaxy Digital Holdings ( OTCPK:BRPHF ) is planning to lay off one-fifth of its global workforce as the emerging industry suffers from a tough macroeconomic backdrop, CoinDesk reported Tuesday, citing people with knowledge on the matter.
- The recent crypto market downturn has resulted in a raft of crypto-related firms to make job cuts to better manage costs. Some of the more high-profile firms that laid off workers in recent months included Coinbase Global ( COIN ), NYDIG, Gemini, BlockFi and OpenSea.
- Look no further than its Q2 results to see how Galaxy Digital ( OTCPK:BRPHF ) got increasingly stung by the bear market. It posted a net loss of $554.7M versus -$182.9M in Q2 a year ago, reflecting unrealized losses on digital assets and on investments in its trading and principal investments businesses.
- The Michael Novogratz-led company is scheduled to report Q3 results prior to the opening bell on November 9.
- Galaxy Digital did not immediately respond to Seeking Alpha's request for comment.
- In mid-August, Galaxy Digital ends agreement to acquire BitGo .
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Galaxy Digital is said to lay off 20% of its workforce in wake of crypto bear market