Galaxy Announces Termination of BitGo Acquisition

Crypto financial services company Galaxy Digital announced the termination of its acquisition of crypto custodian BitGo. Galaxy Digital reportedly terminated the acquisition due to BitGo's failure to deliver, by July 31, 2022, audited financial statements for 2021 that comply with the requirements of its agreement. Previously, Galaxy Digital announced on May 5, 2021 that it was acquiring BitGo at a valuation of $1.2 billion and paying $265 million in cash and 33.8 million shares of Galaxy Digital stock.