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Novogratz’s Galaxy Buys BitGo in $1.2 Billion Crypto Deal (1)

May 6, 2021, 12:42 AM

Mike Novogratz’s Galaxy Digital Holdings agreed to buy crypto custodian BitGo Inc. in a cash and stock transaction valued at about $1.2 billion.

Galaxy is paying $265 million in cash and is issuing 33.8 million shares to finance the acquisition. BitGo shareholders will own 10% of the company. The deal broadens Galaxy’s offerings and geographic reach.

“The acquisition of BitGo establishes Galaxy Digital as a one-stop-shop for institutions and significantly accelerates our mission to institutionalize digital asset ecosystems and blockchain technology,” Novogratz, Galaxy’s New York-based chief executive officer and founder, said in a statement.

Michael Novogratz talks about buying BitGo and the rise of Dogecoin.
Source: Bloomberg)

Cryptocurrency prime broker BitGo ...