{"id":67132,"date":"2022-09-14T12:39:56","date_gmt":"2022-09-14T09:39:56","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=67132"},"modified":"2025-09-07T05:02:10","modified_gmt":"2025-09-07T02:02:10","slug":"bitgo-sues-galaxy-digital-over-merger-termination","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitgo-sues-galaxy-digital-over-merger-termination\/","title":{"rendered":"BitGo Sues Galaxy Digital Over Merger Termination"},"content":{"rendered":"<p>BitGo, a custody provider, filed a lawsuit in Delaware against Galaxy Digital CEO Mike Novogratz. The suit stems from Galaxy&#8217;s rejection of the merger deal.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Late yesterday, BitGo filed a lawsuit against Galaxy Digital seeking damages of more than $100 million arising from Galaxy\u2019s improper repudiation and intentional breach of its merger agreement with BitGo.<\/p>\n<p>\u2014 BitGo (@BitGo) <a href=\"https:\/\/twitter.com\/BitGo\/status\/1569643232262516737?ref_src=twsrc%5Etfw\">September 13, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00ab[\u2026] BitGo filed a lawsuit against Galaxy Digital, seeking damages of more than $100 million arising from Galaxy\u2019s improper repudiation and intentional breach of the merger agreement\u00bb, according to representatives of the custodian.<\/p>\n<\/blockquote>\n<p>In spring 2021, media <a href=\"https:\/\/u1f987.com\/en\/news\/galaxy-digital-in-talks-to-acquire-crypto-custodian-bitgo-reports-say\">reported negotiations<\/a> between Novogratz&#8217;s bank and BitGo regarding 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\">about $1.2 billion<\/a> in stock and cash.<\/p>\n<p>In August 2022, Galaxy <a href=\"https:\/\/u1f987.com\/en\/news\/galaxy-digital-abandons-bitgo-acquisition-custodian-threatens-to-sue\">Digital declined to acquire BitGo<\/a>, citing BitGo&#8217;s prolonged financial reporting process. That same month, the latter threatened the bank with a lawsuit.<\/p>\n<p>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>.<\/p>\n<p>Later, a group of bank executives, Genesis and Convex Trading, filed to register DBA Crypto Fund I LP <a href=\"https:\/\/u1f987.com\/en\/news\/top-executives-from-galaxy-digital-and-genesis-to-launch-a-500-million-crypto-fund\">for $500 million<\/a>.<\/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 crypto news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BitGo, a custody provider, filed a lawsuit in Delaware against Galaxy Digital CEO Mike Novogratz. The suit followed Galaxy&#8217;s rejection of the merger deal.<\/p>\n","protected":false},"author":1,"featured_media":67133,"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":[194,1162,770],"class_list":["post-67132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitgo","tag-court-cases","tag-galaxy-digital"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67132","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=67132"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67132\/revisions"}],"predecessor-version":[{"id":67134,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67132\/revisions\/67134"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/67133"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=67132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=67132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=67132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}