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Galaxy Digital terminates acquisition of BitGo

By:
on Aug 15, 2022
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  • Galaxy Digital said the termination is due to BitGo’s failure to comply with acquisition terms.
  • Galaxy announced plans to acquire the digital asset custodian in May 2021.
  • Mike Novogratz, CEO of Galaxy Digital said the company will still pursue Nasdaq-listing plans.

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Galaxy Digital Holdings Ltd. (OTCMKTS:BRPHF) has terminated its acquisition agreement with BitGo, a digital asset custodian Galaxy announced plans to acquire in May 2021.

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According to details the financial services firm shared on Monday, the move to terminate the acquisition is based on terms of the deal, which BitGo reportedly failed to honour.

In a statement, Galaxy noted that the custodian failed to deliver its audited financial records for 2021 by 31 July, 2022.

Mike Novogratz the CEO and founder of Galaxy Digital commented:

“Galaxy remains positioned for success and to take advantage of strategic opportunities to grow in a sustainable manner. 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.”

The failure to comply with the terms of the acquisition and Galaxy’s termination does not attract any fees, Galaxy noted in its press release.

The decision to end plans to buy BitGo have impacted Galaxy Digital’s intentions to go public on the Nasdaq, with delays in the acquisition now pushing these plans to end of 2022.

If that happens, subject to an approval by the US Securities and Exchange Commission (SEC) and the Nasdaq stock exchange.

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