Leading Financial services and investment management company Galaxy Digital has announced it has terminated the USD 1.2 billion acquisition of digital asset trust company BitGo as it failed to provide audited financial statements for the year 2021. The proposed acquisition represented the first $1 billion transaction in the worldwide crypto market.
Galaxy's CEO and founder, Mike Novogratz, said, "Galaxy remains positioned for success and to take advantage of strategic possibilities to grow in a sustainable manner. He said, "We are committed to continuing our process to list in the US and giving our clients a top-notch solution that genuinely makes Galaxy a one-stop shop for institutions. There is no termination cost associated with the choice.
Galaxy Digital said that it aims to carry out the suggested domestication and reorganisation to become a Delaware-based corporation, and pending completion of the SEC's assessment and subject to stock exchange approval of such listing, list on the Nasdaq.
"Galaxy is still committed to achieving its corporate goals and generating long-term success for investors. This includes the anticipated Galaxy One Prime deployment, "It read.
Amid the worldwide crypto catastrophe, Galaxy Digital recorded a loss of USD 554.7 million in the second quarter, up from a loss of $183 million in the same period last year.
The multi-signature bitcoin wallet service provided by BitGo distributes keys among a number of owners in order to reduce risk.