Connect with us

Hi, what are you looking for?


BitGo seeks $100M+ from Galaxy Digital over merger termination

BitGo, a leading digital asset custodian, says it will seek over $100 million in termination fee damages from Mike Novogratz and Galaxy Digital Holdings Ltd. 

A press release BitGo published on Monday noted that the crypto custodian viewed Galaxy’s earlier announcement that it had terminated their previously agreed acquisition deal as “improper.”

According to BitGo, their merger deal with Novogratz’s Galaxy was not due to expire until 31 December 2022 – the earliest Galaxy would have walked away from the $1.2 billion purchase agreed upon in March 2022.

BitGo and Galaxy disagree on termination fee

Galaxy had announced on Monday that it had exited the acquisition plans it had with BitGo after the custodian failed to avail audited financial statements for 2021. According to Galaxy Digital, there was to be no termination fee.

But BitGo claims the company had promised to pay a $100 million termination fee, adding that Galaxy also only informed them of its pulling out on Friday. BitGo has engaged the services of legal firm Quinn Emanuel as it seeks to recoup the said reserve break fee.

BitGo said it has hired litigation powerhouse Quinn Emanuel to take appropriate legal action. Brian Timmons, a partner at Quinn Emanuel called Galaxy’s move “absurd,” adding:

BitGo has honored its obligations thus far, including the delivery of its audited financials. It is public knowledge that Galaxy reported a $550 million loss this past quarter, that its stock is performing poorly, and that both Galaxy and Mr. Novogratz have been distracted by the Luna fiasco. Either Galaxy owes BitGo a $100 million termination fee as promised or it has been acting in bad faith and faces damages of that much or more.”

Mike Novogratz and Galaxy Digital had not commented on the BitGo claims by time of going to press.

The post BitGo seeks $100M+ from Galaxy Digital over merger termination appeared first on Invezz.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like


    Inflation appears to be on the decline. The Personal Consumption Expenditures Price Index (PCEPI), which is the Federal Reserve’s preferred measure of inflation, grew...


    Solana (SOL/USD) is enormously underrated as a cryptocurrency project, even with its hiccups – including the latest exploit on one of the ecosystem apps....

    Editor's Pick

    The new eSIM infrastructure will help modernise the IoT connectivity market with fast, secure connections and reduced vendor lock-in. 1oT, a tech startup from...


    The latest Job Openings and Labor Turnover Survey from the Bureau of Labor Statistics shows the total number of job openings in the economy...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2023