Novogratz Firm Wins Dismissal of BitGo M&A Termination Fee Suit

Mike Novogratz’s Galaxy Digital Holdings has won the dismissal of a BitGo lawsuit over its abandoned $1.2 billion acquisition of the crypto custodian.

Galaxy had a “clean termination right” to end its acquisition of BitGo after the firm failed to deliver audited 2021 financial statements required by the merger agreement, according to a filing in the Delaware Chancery Court dated Friday.

The crypto financial services firm announced its plan to buy BitGo in a cash and stock transaction valued at $1.2 billion in 2021, amid a digital asset bull market. It was one of the biggest acquisitions in the crypto ...