Bitcoin (BTC) backer Galaxy Digital reportedly may lay off 75 people.
Bloomberg reports that Mike Novogratz’s firm may lay off between 15% and 20% of its staff.
Shares of Bitcoin Supporter Company Fall After Decision
Michael Wursthorn, a spokesman for Bitcoin-supporter Galaxy Digital, told Bloomberg that the firm is constantly evaluating the “optimal team structure and strategy.” Shares fell almost 3.5% after the news.
in October cryptocurrency Six months have passed since the financial crisis, and during this time many firms made layoffs to stabilize their businesses.
Coinbase laid off about 1,100 employees, BlockFi laid off more than 150, and Crypto.com laid off about 260. Last month, market maker GSR also laid off 10% of its staff.
These moves come amid economic woes that are worsened by rising inflation in the US and central banks around the world raising interest rates seemingly ceaselessly.
Wursthorn said in a statement:
“As our industry continues to face macroeconomic challenges, Galaxy remains focused on building for the future state of corporate adoption and driving long-term shareholder value.”
Shares of Galaxy Digital, traded on the Toronto Stock Exchange, were at $4.7 at the time of writing, according to TradingView data.
The firm’s billionaire CEO has come under criticism recently, particularly regarding his support of the Terra blockchain. “My tattoo will be a constant reminder that venture investing requires humility,” Novogratz said in a May shareholder letter, referring to the now-famous LUNA tattoo.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!