Galaxy Digital said on June 12 that the Delaware court has a valid basis to end its planned acquisition of crypto custodian BitGo.
Galaxy Digital said in a statement that the Delaware court has determined that it has a valid basis to terminate the planned acquisition of crypto custodian BitGo after the company failed to deliver the audited financial statements required by the merger agreement.
Galaxy Digital: We Are Satisfied With The Decision
“We are pleased with the court’s decision to reject BitGo’s claims,” Galaxy Digital said in a statement via email.
BitGo sued Galaxy Digital for $100 million last year for violating the merger agreement. Stating that BitGo is reluctant to share its audited financial information for 2021 with them, Galaxy Digital stated that it will not have to pay any compensation for the termination.
The companies had decided on many details about the acquisition process in May of 2021. Galaxy would pay the $1.2 billion settlement fee to the crypto custodian in cash. However, after the company did not share the requested information, Galaxy Digital terminated the agreement.
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