Galaxy Digital Holdings - Founder and CEO, Mike Novogratz.
Founder and CEO, Mike Novogratz.
Source: Galaxy Digital.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Galaxy Digital (GLXY) has elected to terminate its US$1.2 billion acquisition of BitGo
  • The termination is due to BitGo’s failure to deliver audited financial statements for 2021 by July 31, 2022
  • The company remains focused on a Nasdaq listing as it ramps up its Galaxy One Prime institutional platform
  • Galaxy Digital Holdings provides institutions, startups and qualified individuals around the world with access to the crypto economy
  • Galaxy Digital (GLXY) is up by 3.73 per cent trading at $8.91 per share

Galaxy Digital (GLXY) has exercised its right to terminate its US$1.2 billion acquisition of BitGo.

BitGo helps users navigate the complex landscape of digital assets with a diverse and secure suite of solutions.

The termination is due to BitGo’s failure to deliver audited financial statements for 2021 by July 31, 2022.

According to Galaxy, the missed deadline negates the US$100 million fee regarding the termination. BitGo alleges otherwise and plans to pursue legal action.

Galaxy is completing a reorganization and domestication to become a Delaware-based company. It then intends to list on the Nasdaq.

The company is also focused on the rollout of the Galaxy One Prime platform, which will offer trading, lending, derivatives and qualified custody services to institutional investors.

“Galaxy remains positioned for success and to take advantage of strategic opportunities to grow in a sustainable manner,” stated Mike Novogratz, Galaxy’s Founder and CEO. “We are committed to continuing our process to list in the U.S. and providing our clients with a prime solution that truly makes Galaxy a one-stop shop for institutions.”

Galaxy Digital Holdings provides institutions, startups and qualified individuals around the world with access to the crypto economy.

Galaxy Digital (GLXY) is up by 3.73 per cent trading at $8.91 per share as of 1:27 pm EST.


More From The Market Herald

" Galaxy Digital (TSX:GLXY) to launch inaugural NFT collection

Galaxy Digital (GLXY) will launch its first NFT project in collaboration with TIMEPieces.
TerraZero - Founder and CEO, Dan Reitzik.

" BIGG Digital Assets (CSE:BIGG) portfolio company to list on the TSXV

BIGG Digital Assets (BIGG) portfolio company TerraZero has signed an LOI to list on the TSXV.

" Valour (NEO:DEFI) debuts Bitcoin Carbon Neutral ETP on Börse Frankfurt

Valour (DEFI) will debut its new Carbon Neutral Bitcoin Exchange Traded product (ETP) on Börse Frankfurt.
iMining - Khurram Shroff, Chairman and CEO.

" iMining Technologies (TSXV:IMIN) closes private placement

iMining Technologies (IMIN) has closed its previously-announced non-brokered private placement, raising gross proceeds of $999,999.92.