Cryptocurrency

Galaxy Digital reports $76.8M exposure to FTX

Galaxy Digital, one of the largest crypto financial services companies on the market, settlement Third quarter of the year.

The report reveals that the company has approximately $76.8 million in cash and cryptocurrency exposure to FTX. Of the $76.8 million, $47.5 million is currently “in the process of exiting,” the company said in a report.

No further information was disclosed about the remaining $29.3 million. It’s also unclear how long the withdrawal process will take and whether the company will be able to complete it.

The company saw a net comprehensive loss of $68.1 million in the third quarter compared to a profit of $517.9 million it saw in the third quarter of last year. However, Galaxy Digital Holdings’ total capital was $1.8 billion at the end of the quarter.

Galaxy Digital founder and CEO Michael Novogratz says the company’s reserves are poised to handle future volatility.

“With $1.5 billion in liquidity, including over $1 billion in cash, we remain strongly positioned for both organic and inorganic growth as we focus on building for the future. .”

Earlier this month, however, a source close to Galaxy Digital said: clearly The company plans to cut at least 20% of its global workforce in the coming weeks. Galaxy Digital neither confirmed nor denied the rumors, but a spokesperson said the company is “constantly considering the best team structure and strategy.”

If true, Galaxy Digital would join many other giants in the cryptocurrency industry laying off staff throughout the year. Some estimate that the number could exceed 13,000.

The mass layoffs, combined with a sharp drop in stock prices, resulted in heavy losses for almost all publicly traded companies.Galaxy Digital Saw Stock drop More than 88% from its November high last year.

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