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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.Who owns BitGo?
Mike Novogratz’s Galaxy Digital Holdings agreed to buy crypto custodian BitGo Inc. in a cash and stock transaction valued at about $1.2 billion. Galaxy is paying $265 million in cash and is issuing 33.8 million shares to finance the acquisition. BitGo shareholders will own 10% of the company.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.Is galaxy trying to walk away from $100 million breakup fee?
Galaxy, an investment firm, is trying to walk away from a $100 million breakup fee. The company announced Monday that it was exercising “its contractual right to terminate” the cash-and-stock transaction. That doesn’t sit well with BitGo, which provides custody services for institutions.