Galaxy Digital Calls Off $1.2 Billion Acquisition of BitGo

Crypto sector's first $1 billion deal, announced at the height of record surge in token prices, is disbanding as the market reverses much of the gains. From a report: Galaxy Digital said Monday it has terminated the $1.2 billion proposed acquisition of crypto custodian BitGo, a high-profile deal they announced in May last year, after the San Francisco-based startup failed to provide its audited financial statements for the year 2021. BitGo's alleged failure to provide the financial statements by July 31 violated the terms the two firms had agreed upon last year, Galaxy Digital said in a public statement, adding that the termination of the deal won't incur the company any fee.

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