Galaxy Digital terminates its acquisition of BitGo
Galaxy Digital announced on Monday morning that it had terminated its long-awaited acquisition of crypto custodian BitGo.
It said in a release that it had made the decision following BitGo’s “failure to deliver, by July 31, 2022, audited financial statements for 2021 that comply with the requirements of our agreement.” The release also said that no termination fee is payable.
“Galaxy remains positioned for success and to take advantage of strategic opportunities to grow in a sustainable manner. We are committed to continuing our process to list in the U.S. and providing our clients with a prime solution that truly makes Galaxy a one-stop shop for institutions,” said Mike Novogratz, CEO and founder of Galaxy.
In May 2021, Galaxy Digital announced the acquisition of BitGo for $1.2 billion. However, The Block reported in March that the terms of the deal were now being renegotiated.
This is a breaking story and will be updated.
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Author: Lucy Harley-McKeown
