Galaxy Digital Terminates BitGo Acquisition, Citing Breach of Contract
After announcing plans to acquire BitGo in May 2021, Mike Novogratz's Galaxy Digital ultimately dropped the deal but is still pursuing a listing in the United States.
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After more than a year of efforts to acquire digital asset custodian BitGo, Mike Novogratz's cryptocurrency investment firm Galaxy Digital has decided to abandon the acquisition.
>Galaxy has terminated the acquisition of BitGo, citing breach of contract, the company officially announced on Monday.
According to the release, Galaxy exercised its right to terminate the deal pursuant to the acquisition agreement after BitGo failed to provide audited financial statements for 2021 by July 31, 2022. Galaxy has noted that no termination fee is payable under the acquisition agreement. termination.
As previously reported, Galaxy originally announced its intention to acquire BitGo in May 2021 as part of its proposed IPO in the United States. Following multiple delays in the acquisition, Galaxy was expected to complete the transaction by the end of 2022.
Despite the completion of the BitGo acquisition, Galaxy continues its path to U.S. Nasdaq listing, CEO Novogratz said, stating:
"Galaxy remains positioned for success and to take advantage of strategic opportunities to grow sustainably. We are committed to continuing our U.S. listing process."
As part of US listing plans, Galaxy is working to revamp its operations to become a Delaware-based company. The company previously expected Delaware domestication to become effective between Q...
After announcing plans to acquire BitGo in May 2021, Mike Novogratz's Galaxy Digital ultimately dropped the deal but is still pursuing a listing in the United States.
New
After more than a year of efforts to acquire digital asset custodian BitGo, Mike Novogratz's cryptocurrency investment firm Galaxy Digital has decided to abandon the acquisition.
>Galaxy has terminated the acquisition of BitGo, citing breach of contract, the company officially announced on Monday.
According to the release, Galaxy exercised its right to terminate the deal pursuant to the acquisition agreement after BitGo failed to provide audited financial statements for 2021 by July 31, 2022. Galaxy has noted that no termination fee is payable under the acquisition agreement. termination.
As previously reported, Galaxy originally announced its intention to acquire BitGo in May 2021 as part of its proposed IPO in the United States. Following multiple delays in the acquisition, Galaxy was expected to complete the transaction by the end of 2022.
Despite the completion of the BitGo acquisition, Galaxy continues its path to U.S. Nasdaq listing, CEO Novogratz said, stating:
"Galaxy remains positioned for success and to take advantage of strategic opportunities to grow sustainably. We are committed to continuing our U.S. listing process."
As part of US listing plans, Galaxy is working to revamp its operations to become a Delaware-based company. The company previously expected Delaware domestication to become effective between Q...
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