Financial firm Galaxy Digital has announced that it has terminated its agreement with BitGo, a crypto custody service.
Galaxy Digital announced in May last year that it had started the acquisition process for the company that provides crypto custody services. The $1.2 billion stock purchase agreement, which was delayed further, was halted due to BitGo’s failure to submit financial statements.
Galaxy Digital Has Stopped Buying BitGo Stock
Announcing that it will not purchase $1.2 million worth of stock, Galaxy Digital cited BitGo’s failure to present its financial statements as the reason for termination.
BitGo was supposed to submit its 2021 financial statements to Galaxy Digital by July 31, but the company did not. The deal was expected to be completed by the end of that year. Galaxy Digital, which has established a restructuring plan, has delayed its share purchase pending US Securities and Exchange Commission (SEC) approval. The $1.2 billion acquisition was also terminated, with BitGo not submitting its financial statement schedule this year.
In addition to all these; Galaxy Digital announced that it will not have to pay any compensation for the termination of the agreement.
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