Thursday, September 29, 2022

Galaxy Digital Ends $1.2 Billion Acquisition of Crypto Firm BitGo

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Financial services and investment management firm Galaxy Digital announced Monday that it has closed its acquisition of a $1.2 billion digital asset trust company BitGo because it has not provided audited annual accounts for the year 2021.

The proposed acquisition was the global crypto industry’s first $1 billion deal.

“Galaxy remains positioned for success and to take advantage of strategic opportunities to grow in a sustainable way,” said Mike NovogratzCEO and Founder of Galaxy.

“We are committed to continuing our process to the list in the US and providing our customers with an excellent solution that truly makes Galaxy a one-stop shop for institutions,” he added.

No termination fee is payable in connection with the decision.

Galaxy Digital said it plans to finalize its proposed reorganization and domestication to become a Delaware-based company, then list it. Nasdaqupon completion of the SEC’s review and subject to stock exchange approval of such listing.

“Galaxy remains focused on executing its business goals and driving long-term performance for investors. That includes the planned rollout of Galaxy One Prime,” it said.

Galaxy Digital reported a loss of $554.7 million in the second quarter, up from a loss of $183 million a year ago, amod the global crypto meltdown.

BitGo company provides a multi-signature bitcoin wallet service, where keys are distributed among a number of owners to manage risk.

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