Galaxy Digital, one of many largest crypto monetary companies corporations available on the market, launched its monetary outcomes for the third quarter of the 12 months.
The report revealed that the corporate has an publicity of roughly $76.8 million in money and cryptocurrencies to FTX. Out of the $76.8 million, $47.5 million is presently “within the withdrawal course of,” the corporate stated within the report.
No additional data was revealed concerning the remaining $29.3 million. It is usually unclear how lengthy the withdrawal course of will take and whether or not the corporate will be capable to full it.
The corporate noticed a web complete lack of $68.1 million within the third quarter, in comparison with the $517.9 million acquire it noticed within the third quarter of final 12 months. Nonetheless, the entire capital of Galaxy Digital Holdings stood at $1.8 billion on the finish of the quarter.
Michael Novogratz, the founder and CEO of Galaxy Digital, stated that the corporate’s reserves make it well-positioned to tackle any upcoming volatility.
“Retaining $1.5 billion in liquidity, together with over $1.0 billion in money, the Firm continues to be able of energy for each natural and inorganic progress, as we give attention to constructing for the long run.”
Nonetheless, earlier this month, sources near Galaxy Digital revealed that the corporate plans to chop at the least 20% of its world workforce within the coming weeks. Whereas Galaxy Digital didn’t verify or deny the rumors, a spokesperson famous that the corporate was “all the time contemplating optimum group construction and technique.”
If true, Galaxy Digital shall be becoming a member of a slew of different crypto business giants which have been shedding employees all year long. The market stoop in June took away 1000’s of jobs within the business, with some estimates displaying that the quantity may very well be over 13,000.
The mass layoffs got here hand in hand with a pointy drop in inventory worth, with virtually all public firms experiencing important losses. Galaxy Digital noticed its inventory drop over 88% from its excessive final November.
