The acquisition deal that was looking to be one of the most expensive ones in the crypto industry is now terminated, as Galaxy Digital pulled out of the BitGo purchase.
In May 2021, Galaxy Digital, a crypto investment firm, announced its plans to purchase the crypto custodian company, BitGo, in a deal worth $1.2 billion. However, as BitGo failed to deliver the necessary audited financial records by the end of July 2022, Galaxy Digital decided to terminate the deal. The company exited the agreement with no fees paid.
Last week, Galaxy reported $554 million worth of losses in crypto. However, it also holds $1.5 billion worth of liquidity.
The Canadian company is still planning to restructure, with a new seat in Delaware and it becoming part of the Nasdaq exchange listing in the future. This is despite the BitGo acquisition falling through, which would have gained Galaxy Digital some 400 new clients.
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