What is Galaxy Digital's BitGo acquisition?

The acquisition was agreed in May 2021, with San-Francisco-based BitGo set to help Galaxy Digital expand its offerings for institutional investors. The transaction, the first $1 billion deal in the crypto industry, had an anticipated close in Q4 last year.

Is BitGo blaming Galaxy Digital for the termination?

BitGo has hired the California-headquartered law firm Quinn Emanuel to take appropriate legal action, it said. “The attempt by Mike Novogratz and Galaxy Digital to blame the termination on BitGo is absurd,” said R. Brian Timmons, a partner with Quinn Emanuel, said in a statement.

Who backed BitGo?

BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners. The TSX has neither approved nor disapproved the contents of this press release.

How much cash does Galaxy Digital have?

In the company’s earnings call, Novogratz said Galaxy Digital had about $1 billion in cash on hand. Galaxy Digital said today it is waiting for the SEC’s review and stock exchange approval for a Nasdaq listing. BitGo has hired the California-headquartered law firm Quinn Emanuel to take appropriate legal action, it said.