Galaxy Digital Holdings and the company’s CEO and founder Mike Novogratz announced the company has “exercised its right to terminate” a previously announced acquisition of Bitgo. According to Galaxy the termination of the deal was due to Bitgo’s “failure to deliver” audited financial statements for 2021.
During the announcement on Monday, the Galaxy CEO noted that his company is positioned for success. “Galaxy remains positioned for success and to take advantage of strategic opportunities to grow in a sustainable manner,” Novogratz said on Monday in a statement. “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,” Novogratz added.
Additionally, Galaxy noted that it still plans to list the company’s shares on Nasdaq following the completion of a Securities and Exchange Commission (SEC) review. “As previously announced, Galaxy intends to complete the proposed reorganization and domestication to become a Delaware-based company, and subsequently list on the Nasdaq, upon completion of the SEC’s review and subject to stock exchange approval of such listing,” Galaxy said.