Galaxy Digital, the cryptocurrency-focused financial services firm run by noted investor Michael Novogratz, has abandoned its plan to buy BitGo, saying the crypto custody specialist had failed to provide financial statements by a deadline of the end of July.
The acquisition was announced May 2021 for what was, at the time, about $1.2 billion in stock and cash. It was expected to close by the end of that year. BitGo had been required to deliver audited financial statements for 2021 by July 31 and didn't do so, Galaxy Digital said in a statement Monday.
The deal stalled in March as Galaxy Digital awaited approval from the U.S. Securities and Exchange Commission of its plan to reorganize as a Delaware-based company. At the time, the terms were tweaked to account for a decline in the price of Galaxy's Toronto-traded shares over the intervening period, giving BitGo's investors a larger stake in the merged company. Galaxy's stock has tumbled another 60% since then.
Last week, Galaxy...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...