Today: 8 October 2025
16 August 2022
1 min read

Galaxy Digital calls off acquisition of BitGo

No termination fee is payable in connection with the decision…reports Asian Lite News

Financial services and investment management firm Galaxy Digital on Monday announced it has terminated the $1.2 billion acquisition of digital asset trust company BitGo as it failed to provide audited financial statements 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 manner,” said Mike Novogratz, CEO and Founder of Galaxy.

“We are committed to continuing our process to list in the US and providing our clients with a prime 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 intends to complete the proposed reorganisation and domestication to become a Delaware-based company, and subsequently list on the Nasdaq, upon completion of the SEC’s review and subject to stock exchange approval of such listing.

“Galaxy remains focused on executing its business objectives 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 period, Amod the global crypto meltdown.

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

ALSO READ-Rakesh Jhunjhunwala marking the sunset of a flamboyant era

Previous Story

Praggnanandhaa stuns Firouzja at Champions Chess Tour

Next Story

Ola announces its first EV car

Latest from Business

Rupee, Markets Gain Amid Trade Optimism

Emerging market currencies, including the rupee, have gained support amid softening in the dollar. Reports suggesting that the US economy is on the verge of a recession have contributed to the greenback’s

Gold Shines Bright Amid Global Jitters

Gold and silver continued their bullish run on Monday, scaling new highs amid mounting global uncertainties, heightened geopolitical tensions, and growing expectations of a US Federal Reserve rate cut. According to the

ADNOC signs 15-year LNG deal with Indian Oil

Under the deal, LNG cargoes can be delivered to any port across India, enhancing the country’s energy security and meeting its rising energy demand. Abu Dhabi National Oil Company (ADNOC) has signed

India Inc Eyes Upswing

Private equity (PE) remained comparatively stable in Q2, clocking 357 deals worth $7.4 billion — the second-highest volume since Q4 2022. However, deal values dipped on a quarter-on-quarter basis due to the
Go toTop