Novogratz’s Galaxy Digital Explores Job Cuts of About 20% (1)

Galaxy Digital Holdings Ltd., the crypto financial services firm founded by billionaire Michael Novogratz, is exploring eliminating as much as 20% of its workforce against the backdrop of a digital-assets market downturn.

The plan under consideration could still be changed and the final number could be in a range of 15% to 20%, according to people familiar with the matter. New York-based Galaxy reported 375 employees globally as of the end of the second quarter, which would mean as many as 75 positions could be eliminated.

“We are always considering optimal team structure and strategy and will share future ...