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Crypto Finance Firm Galaxy Digital to Cut One-Fifth of Workforce: Sources
The company's shares have fallen 80% in the past year.
Updated May 9, 2023, 4:01 a.m. Published Nov 1, 2022, 2:16 p.m.
Galaxy Digital (GLXY), the crypto-focused financial-services firm run by noted investor Michael Novogratz, plans to cut at least 20% of its global workforce, according to four people familiar with the matter.
"While our industry continues to face macroeconomic headwinds, Galaxy remains focused on building for the future state of institutional adoption and on enhancing long-term shareholder value. We are always considering optimal team structure and strategy and will share future plans when finalized," a Galaxy spokesman told CoinDesk via email.
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The crypto winter has cast a shadow over the industry, forcing some of the biggest companies in the digital-assets sector to curb their growth ambitions. CoinDesk estimates that as of Oct. 14 11,700 crypto jobs had been lost since the beginning of April, based on media reports and press releases. Crypto exchanges Coinbase (COIN), Gemini and Crypto.com as well as New York Digital Investment Group have all made big job cuts.
In August, Galaxy reported a second-quarter net loss of $554.7 million, more than triple the loss of the year-earlier quarter, and assets under management dropped 40% from the first quarter.
Novogratz has said that he expected Galaxy to finish the year with more than 400 employees, compared with fewer than 300 at the start of 2022.
“We are a growth company,” Novogratz said on the second-quarter earnings call. Galaxy is investing in people, products and engineering teams not only for the near term, but for years to come, he said.
The company is scheduled to report its third-quarter results before the market opens on Nov. 9. Its shares were up 2% early Tuesday, but are down 80% in the past year.
Read more: Galaxy Digital Offers Crypto Price Data on Chain Via Chainlink
UPDATE (Nov. 1, 14:20 UTC): Adds shares performance in last paragraph.
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