San Francisco, Aug 15 : Financial services and investment management firm Galaxy Digital on Monday announced it had ended the $1.2 billion acquisition of BitGo, a digital asset trust firm.BitGo since it was unable to present audited financial statements for 2021. The acquisition proposed was the cryptocurrency industry’s first $1 billion deal.
“Galaxy is poised for success and is positioned to benefit of opportunities to expand in sustainable ways,” said Mike Novogratz the CEO and the Founder of Galaxy.
“We are determined to continue our process of listing in the US and to provide our clients with an ideal solution that makes Galaxy one-stop-shop for organizations,” he added.
There is no termination fee to be paid in conjunction with the decision.
Galaxy Digital said it intends to complete the restructuring and domestication to be a Delaware-based corporation and then later be listed on Nasdaq after the completion of the SEC’s review , and subject to the approval of the stock exchange of the listing.
“Galaxy is focused on achieving its business goals and driving long-term results for investors.This includes the scheduled launch of Galaxy One Prime,” it added.
Galaxy Digital reported a loss of $554.7 million in the second quarter of 2018, which is up from an loss of $183 million in the year in the previous quarter, Amod, the global cryptocurrency meltdown.
BitGo company provides multi-signature bitcoin wallets which allows keys to be split between a variety of owners to reduce the risk.
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