Galaxy Digital is said to lay off 20% of its workforce in wake of crypto bear market

Cryptocurrency-focused financial services company Galaxy Digital Holdings (OTCPK:BRPHF) is planning to lay off one-fifth of its global workforce as the emerging industry suffers from a tough macroeconomic backdrop, CoinDesk reported Tuesday, citing people with knowledge on the matter.The recent crypto market downturn has resulted in a raft of crypto-related firms to make job cuts to better manage costs. Some of the more high-profile firms that laid off workers in recent months included Coinbase Global (COIN), NYDIG, Gemini, BlockFi and OpenSea.Look no further than its Q2 results to see how Galaxy Digital (OTCPK:BRPHF) got increasingly stung by the bear market. It posted a net loss of $554.7M versus -$182.9M in Q2 a year ago, reflecting unrealized losses on digital assets and on investments in its trading and principal investments businesses.The Michael Novogratz-led company is scheduled to report Q3 results prior to the opening bell on November 9.Galaxy Digital did not immediately respond to Seeking Alpha's request for comment.The news doesn't appear to have impacted BRPHF stock negatively. In fact, it rose 1.5% at the time of writing, though down 82% in the past year. In mid-August, Galaxy Digital ends agreement to acquire BitGo.