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BitGo Claims Galaxy Digital $100 Million For Canceling The Acquisition Agreement

BitGo, a digital asset custodian, has sued Mike Novogratz’s Bitcoin investment business Galaxy Digital for terminating the former’s acquisition.

BitGo Claims Galaxy Digital $100 Million For Canceling The Acquisition Agreement 3

On Tuesday, the digital asset trust company turned to Twitter to reveal the contents of its complaint against Galaxy, which terminated the $1.2 billion merger transaction with the company in mid-August.

The case, which was filed on Monday, wants more than $100 million in damages, alleging Galaxy of unlawful repudiation and willful breach of its acquisition agreement, according to the firm.

BitGo stated that they filed the complaint in Delaware Chancery Court and that the court documents will be made public on Thursday evening.

As CoinCu reported, Galaxy terminated the acquisition on August 15. The company argued that it exercised its right to drop the deal in line with the merger agreement after BitGo failed to deliver audited financial statements for 2021.

BitGo Claims Galaxy Digital $100 Million For Canceling The Acquisition Agreement 4

Galaxy CEO Novogratz said that it was still pursuing its path to the United States listing on Nasdaq. Galaxy also stated that they plan to vigorously defend the firm in a potential case as Galaxy believed that BitGo’s claims were “without merit.”

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.