Digital asset investment firm Galaxy Digital called off its proposed $1.2 billion acquisition of Palo Alto, California-based BitGo—severing what would have been one of the largest deals in crypto history.
Galaxy Digital said in a release it is terminating the deal due to the crypto custody firm’s inability to hand over audited financial statements that were due by the end of last month.
“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 U.S. and providing our clients with a prime solution that truly makes Galaxy a one-stop shop for institutions,” said Mike Novogratz, CEO and founder of Galaxy.
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