Novogratz's Galaxy Digital Considers Reducing Staff by 20%: Report
Main page News, Michael Novogratz, Crypto Market

Galaxy Digital, a crypto-focused financial services firm, is considering laying off as much as 20% to weather the market's downturn, Bloomberg has learned, citing people close to the firm.

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The number means that Galaxy Digital may lay off as many as 75 employees, however, no final decision has been made so far, the report notes. A spokesperson for Galaxy, Michael Wursthorn, said that the firm is "always considering optimal team structure and strategy and will share future plans when finalized." He added:

"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."

Novogratz's Galaxy Digital Reports Over $550M Loss in Q2

The news comes amid litigation between Galaxy and BitGo, after the New York-based firm had backed out of its acquisition of the cryptocurrency custodian for $1.2 billion, citing BitGo's failure to deliver audited financial statements.

BitGo, in turn, filed a lawsuit against Galaxy Digital, claiming it has honored its obligations and demanding a $100 million reverse break fee.

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