{"id":65831,"date":"2022-08-15T14:44:32","date_gmt":"2022-08-15T11:44:32","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=65831"},"modified":"2025-09-06T22:09:13","modified_gmt":"2025-09-06T19:09:13","slug":"galaxy-digital-abandons-bitgo-acquisition-custodian-threatens-to-sue","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/galaxy-digital-abandons-bitgo-acquisition-custodian-threatens-to-sue\/","title":{"rendered":"Galaxy Digital abandons BitGo acquisition; custodian threatens to sue"},"content":{"rendered":"<p>The cryptocurrency merchant bank Galaxy Digital, led by Mike Novogratz, abandoned the acquisition of custody provider BitGo. This was <a href=\"https:\/\/www.newswire.ca\/news-releases\/galaxy-announces-termination-of-bitgo-acquisition-806604223.html\">\u0433\u043e\u0432\u043e\u0440\u0438\u0442\u0441\u044f<\/a> in a press release.<\/p>\n<p>According to the statement, the agreement envisaged the custodian&#8217;s delivery of its 2021 financial statements. By the deadline of July 31, 2022, the firm had not provided the necessary documents.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abWe intend to continue our US listing process and [going forward] to provide clients with the best solution,\u00bb the bank said.<\/p>\n<\/blockquote>\n<p>Representatives of Galaxy Digital added that no liquidated damages were provided in connection with the termination of the agreement.<\/p>\n<div class=\"wp-block-text-wrappers-update-2 article_update\"><time class=\"gtb_text-wrappers_update_time\">15 August 2022 | 19:57<\/time><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>BitGo said it intends to sue Galaxy Digital for abandoning the deal, CoinDesk reports, citing the company. Quinn Emanuel partner R. Bryan Timmins called the &#8220;attempt to place liability&#8221; on the custodian absurd.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abEither Galaxy owes BitGo a termination fee of $100 million, as promised, or it acted in bad faith and faces damages equal to or greater than the stated amount,\u00bb he said.<\/p>\n<\/blockquote>\n<\/div>\n<p>In April 2021, media <a href=\"https:\/\/u1f987.com\/en\/news\/galaxy-digital-in-talks-to-acquire-crypto-custodian-bitgo-reports-say\">reported talks<\/a> between Mike Novogratz&#8217;s bank and BitGo about a takeover. Later the parties confirmed the information and disclosed the deal value \u2014 <a href=\"https:\/\/u1f987.com\/en\/news\/galaxy-digital-to-acquire-bitgo-custodian-for-about-1-2-billion\">around $1.2 billion<\/a> in stock and cash.<\/p>\n<p>As reported, in the second quarter of 2022 Galaxy Digital <a href=\"https:\/\/u1f987.com\/en\/news\/galaxy-digital-posts-554-7-million-loss-as-crypto-market-corrects\">amounted to $554.7 million<\/a> in combined losses. The company reaffirmed its commitment to its restructuring plans with incorporation in Delaware (USA) and the intention to list shares on Nasdaq.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Galaxy Digital, led by Mike Novogratz, abandoned the acquisition of custody provider BitGo. This was stated in a press release.<\/p>\n","protected":false},"author":1,"featured_media":65832,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[194,770],"class_list":["post-65831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitgo","tag-galaxy-digital"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=65831"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65831\/revisions"}],"predecessor-version":[{"id":65833,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65831\/revisions\/65833"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/65832"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=65831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=65831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=65831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}