Galaxy Digital Terminates $1.2 Billion Bitgo Acquisition Deal, Crypto Firm St...
Galaxy Digital Holdings and the company’s CEO and founder Mike Novogratz announced the company has “exercised its right to terminate” a previously announced acquisition of Bitgo. According to Galaxy the termination of the deal was due to Bitgo’s “failure to deliver” audited financial statements for 2021. Galaxy Ends Deal With the Crypto Custodian Bitgo On Monday, Galaxy Digital Holdings (TSX: GLXY) explained that the company has terminated a proposed $1.2 billion stock and cash deal that would allow the crypto firm to acquire the digital....
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Galaxy Digital has announced that it’s backing out of its $1.2 billion proposed acquisition of the cryptocurrency custodian, BitGo. Galaxy Digital Backs Out Of BitGo Deal A $1.2 billion acquisition of Palo Alto, California-based BitGo by digital asset investment firm Galaxy Digital has been canceled, ending one of the biggest acquisitions in cryptocurrency history. In […]
The acquisition is scheduled to follow Galaxy's domestication in Delaware, which is expected to become effective between Q2 and Q4 of 2022. Cryptocurrency investment firm Galaxy Digital has not managed to finalize the acquisition of the digital asset custodian BitGo in the first quarter of 2022 as the firm originally planned.Galaxy Digital has made some changes to the terms of its acquisition of BitGo, CEO Mike Novogratz announced in an earnings call on Thursday.“We’ve adjusted the deal some, for progress that BitGo has made,” Novogratz said, noting that BitGo has hired about 150 people....
After announcing plans to acquire BitGo in May 2021, Mike Novogratz’s Galaxy Digital has eventually dropped the deal but is still pursuing a listing in the United States. After more than a year of efforts to acquire the digital asset custodian BitGo, Mike Novogratz’s cryptocurrency investment firm Galaxy Digital has decided to drop the acquisition.Galaxy has terminated the BitGo acquisition, citing a breach of contract, the firm officially announced on Monday.According to the statement, Galaxy exercised its right to terminate the deal in line with the acquisition agreement after BitGo....
BitGo has accused Galaxy of “improper repudiation” and “intentional breach” of the merger in a lawsuit filed with Delaware Chancery Court. Digital asset custodian BitGo has filed a lawsuit against Mike Novogratz’s cryptocurrency investment firm Galaxy Digital for terminating the former's acquisition.BitGo took to Twitter on Tuesday to disclose details of its lawsuit against Galaxy after the latter terminated the $1.2 billion acquisition deal with BitGo in mid-August.Filed on Monday, the lawsuit seeks more than $100 million in damages, accusing Galaxy of “improper repudiation” and....
Under the acquisition's terms, BitGo shareholders will get 33.8 million in newly issued shares of Galaxy Digital, in addition to $265 million in cash. Galaxy Digital, a crypto and blockchain-focused financial services and investment manager founded by Mike Novogratz, is set to acquire institutional crypto custodian service and wallet operator BitGo.According to an announcement on May 5, Galaxy Digital Holdings will pay $1.2 billon in stock and cash to settle the deal. Under the acquisition's terms, BitGo shareholders will get 33.8 million in newly issued shares of Galaxy Digital, in....