BitGo May Choose To Go Public, After Galaxy Digital Terminated Buyout Deal

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  • BitGo, a cryptocurrency custody provider, attracted an all-cash offer that exceeded the value of the now-terminated deal with Mike Novogratz's Galaxy Digital Holdings, reported Bloomberg, citing BitGo's Chief Executive Officer Mike Belshe in an interview.
  • BitGo isn't actively entertaining acquisition offers at the moment and could list on the stock market if the timing is right, he added.
  • BitGo is backed by investors including Goldman Sachs, Craft Ventures, Jump Capital, and Galaxy Digital.
  • Also Read: BitGo Gets Clearance For Italian Operations: What You Should Know
  • Recently, Galaxy Digital announced that it is terminating the acquisition deal for BitGo after the company failed to deliver audited financial statements for 2021. No termination fee is payable in connection with the termination.
  • "We are committed to continuing our process to list in the U.S. and providing our clients with a prime solution that truly makes Galaxy a one-stop shop for institutions," CEO Mike Novogratz stated.
  • Benzinga's Take: It's likely Galaxy Digital was looking for an excuse to abandon its large BitGo deal, given BitGo's assets are probably not worth today nearly what they were when the deal was announced.
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