What happened to Galaxy Digital's BitGo deal?

Digital asset investment firm Galaxy Digital called off its proposed $1.2 billion acquisition of Palo Alto, California-based BitGo —severing what would have been one of the largest deals in crypto history.

Does Galaxy Digital still have $1 billion in cash?

Galaxy Digital recently reported a second-quarter loss of $554.7 million. But CEO Michael Novogratz said the company still had $1 billion in cash in the company’s earnings call on August 8. Editor’s Note: The quote from Michael Wursthorn regarding BitGo’s statement was updated for clarity.

Why did Galaxy's share price drop in May?

The company’s U.S. shares, which briefly traded above $35 in November ended May at $6.42 and last week at $5.62. A sharp downward leg in Galaxy’s share price came in May as conditions were growing bleak in the overall crypto market, including the collapse of the Luna currency beginning in the second week of the month.