Crypto Custody Firm BitGo to Sue Galaxy Digital for Abandoning $1.2B Merger Agreement

BitGo said it plans to sue Galaxy Digital for backing out of the firms' $1.2 billion merger agreement. BitGo said it will seek $100 million in damages from Galaxy Digital. In a press release, it said Galaxy Digital is refusing to pay this previously promised breakup fee. "The attempt by Mike Novogratz and Galaxy Digital to blame the termination on BitGo is absurd," said R. Brian Timmons, a partner with Quinn Emanuel, the law firm BitGo has retained. Novogratz is Galaxy's CEO. Previously, Galaxy Digital announced the termination of its acquisition of BitGo.