Novogratz’s Galaxy, BitGo Merger Dispute Revived in Delaware (1)

Crypto custodian BitGo’s lawsuit against investor Mike Novogratz’s Galaxy Digital Holdings over their failed merger will get a second look at the Delaware Chancery Court.

The Delaware Supreme Court on Wednesday reversed a 2023 Chancery Court decision dismissing the complaint because BitGo had failed to deliver audited 2021 financial statements that were “contractually compliant” on deadline.

• Both Galaxy and BitGo made “reasonable interpretations” of contract terms for determining whether those submissions were compliant, Justice Gary F. Traynor wrote for the court’s full five-member panel.
• “In a word, the definition is ambiguous,” said Traynor. The matter must go back to the ...