{"id":484783,"date":"2022-08-15T16:23:00","date_gmt":"2022-08-15T13:23:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/galaxy-digital-terminates-bitgo-acquisition-citing-breach-of-contract\/"},"modified":"2022-08-15T16:23:00","modified_gmt":"2022-08-15T13:23:00","slug":"galaxy-digital-terminates-bitgo-acquisition-citing-breach-of-contract","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/galaxy-digital-terminates-bitgo-acquisition-citing-breach-of-contract\/","title":{"rendered":"# Galaxy Digital terminates BitGo acquisition, citing breach of contract"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26b6d9f2840\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26b6d9f2840\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/galaxy-digital-terminates-bitgo-acquisition-citing-breach-of-contract\/#%E2%80%9D_Galaxy_Digital_terminates_BitGo_acquisition_citing_breach_of_contract_%E2%80%9C\" >&#8221; Galaxy Digital terminates BitGo acquisition, citing breach of contract &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Galaxy_Digital_terminates_BitGo_acquisition_citing_breach_of_contract_%E2%80%9C\"><\/span>&#8221; Galaxy Digital terminates BitGo acquisition, citing breach of contract &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvZDM4ZmI5MDYtNzYxMi00YTcyLWI0ZDItNWZlYTAyNzY4YTUyLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>After more than a year of efforts to acquire the digital asset custodian BitGo, Mike Novogratz\u2019s cryptocurrency investment firm Galaxy Digital has decided to drop the acquisition.<\/p>\n<p>Galaxy has terminated the BitGo acquisition, citing a breach of contract, the firm officially <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newswire.ca\/news-releases\/galaxy-announces-termination-of-bitgo-acquisition-806604223.html\">announced<\/a> on Monday.<\/p>\n<p>According to the statement, Galaxy exercised its right to terminate the deal in line with the acquisition agreement after BitGo failed to deliver audited financial statements for 2021 by July 31, 2022. Galaxy noted that no termination fee is payable in connection with the termination.<\/p>\n<p>As previously reported, Galaxy originally announced plans to acquire BitGo in May 2021 as part of its plans to go public in the United States. Following multiple delays in the acquisition, Galaxy was expected to finalize the transaction by the end of 2022. <\/p>\n<p>Despite winding down the BitGo acquisition, Galaxy still continues its path to the U.S. listing on Nasdaq, CEO Novogratz said, stating:<\/p>\n<blockquote><p>&#8220;Galaxy remains positioned for success and to take advantage of strategic opportunities to grow in a sustainable manner. We are committed to continuing our process to list in the United States.\u201d<\/p><\/blockquote>\n<p>As part of the U.S. listing plans, Galaxy is working to reorganize its operations to become a Delaware-based company. The firm previously expected Delaware domestication to become effective between Q2 and Q4 of 2022, subject to a review process with the U.S. Securities and Exchange Commission.<\/p>\n<p><strong><em>Related:\u00a0Argo Blockchain keeps cashing out BTC to pay the debt to Galaxy Digital<\/em><\/strong><\/p>\n<p>Galaxy also remains focused on launching new products including its upcoming offering, Galaxy One Prime. Targeting institutional investors, Galaxy One Prime provides services like trading, lending and derivatives alongside access to qualified custody that integrates \u201cqualified blue-chip custodians.\u201d<\/p>\n<p>BitGo and Galaxy Digital did not im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely respond to Cointelegraph\u2019s request for comment.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/galaxy-digital-terminates-bitgo-acquisition-citing-breach-of-contract\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Galaxy Digital terminates BitGo acquisition, citing breach of contract &#8220; After more than a year of efforts to acquire the digital asset custodian BitGo, Mike Novogratz\u2019s cryptocurrency investment firm Galaxy Digital has decided to drop the acquisition. Galaxy has terminated the BitGo acquisition, citing a breach of contract, the firm officially announced on Monday&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":484784,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvZDM4ZmI5MDYtNzYxMi00YTcyLWI0ZDItNWZlYTAyNzY4YTUyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,76825,74863,76962,117,72332,70934],"class_list":["post-484783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitgo","tag-cryptocurrencies","tag-mike-novogratz","tag-business","tag-nasdaq","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/484783","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=484783"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/484783\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/484784"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=484783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=484783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=484783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}