Financial services company Galaxy Digital has recently decided to cut off its ties with the crypto custody provider BitGo.
According to a recent announcement by the company, it will no longer pursue its BitGo’s planned acquisition as the latter allegedly failed to deliver audited financial statements from the last year that were mentioned in the requirements of the deal.
Galaxy Digital cuts off ties with BitGo
Galaxy Digital clarified that no termination fees are payable in association with its decision to cancel the acquisition deal. The CEO and founder of the company, Mike Novogratz, commented on the matter and stated:
“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 US and providing our clients with a prime solution that truly makes Galaxy a one-stop shop for institutions.”
Upon completion of the SEC’s assessment and subject to stock exchange approval of such listing, Galaxy also aims to carry out the proposed reorganization and domestication to become a Delaware-based business and then list on the Nasdaq.
Galaxy is still committed to achieving its corporate goals and generating long-term success for investors. Included in this is the upcoming launch of Galaxy One Prime, a brand-new product for institutional investors that combines trading, lending, and derivatives with access to qualified custody through a single technology platform.
The company has continuously expanded its presence in the crypto industry by new partnerships and acquisitions. Recently, the CEO said that the company has $1 billion in hand and will keep raising more capital to close new deals.
The net comprehensive income of the American crypto asset manager soared by 1,146% to $517 million in November 2021 from $41.5 million in the same month the year before, as TheCoinRise reported. By working with Galaxy Digital in March of this year, American investment banking behemoth Goldman Sachs accomplished its first over-the-counter (OTC) cryptocurrency options trade.