Galaxy Digital Holdings, the cryptocurrency-focused financial services company ran by Michael Novogratz, has agreed to purchase the digital asset custodian BitGo. Both parties commented that the acquisition aims to enhance institutional investors’ crypto experience. Founded in 2013, BitGo is a digital asset trust and security company headquartered in California. In the following eight years, the firm reported it was responsible for 20% of all global BTC transactions, and it supports over 400 coins for custody. BitGo’s AUM has increased to over billion. Earlier today, the financial services and investment management company Galaxy Digital announced that its board members have agreed to purchase the crypto custodian. The terms of the merger agreement dictate that BitGo
Topics:
Jordan Lyanchev considers the following as important: AA News, social
This could be interesting, too:
Andrew Throuvalas writes BitcoinOS Posts “Game-Changing” Whitepaper To Get Rollups On Bitcoin
Wayne Jones writes This Was CZ’s Biggest Mistake, According to Binance Co-Founder He Yi
Andrew Throuvalas writes SEC Likely To Deny Ethereum Spot ETFs In May: Reuters
Mandy Williams writes Here’s a List of Bitcoin (BTC) Price Pullbacks Since the Bear Market Bottom
Galaxy Digital Holdings, the cryptocurrency-focused financial services company ran by Michael Novogratz, has agreed to purchase the digital asset custodian BitGo. Both parties commented that the acquisition aims to enhance institutional investors’ crypto experience.
- Founded in 2013, BitGo is a digital asset trust and security company headquartered in California. In the following eight years, the firm reported it was responsible for 20% of all global BTC transactions, and it supports over 400 coins for custody. BitGo’s AUM has increased to over $40 billion.
- Earlier today, the financial services and investment management company Galaxy Digital announced that its board members have agreed to purchase the crypto custodian.
- The terms of the merger agreement dictate that BitGo shareholders will get 33.8 million of newly issued shares of Galaxy Digital common stock and $265 million in cash. Ultimately, the aggregate transaction value will be roughly $1.2 billion based on Galaxy Digital’s share price on May 4th.
- Both parties expect to close the deal by the end of the year. Upon completing the acquisition, Galaxy Digital plans to become a “leading global full-service platform for institutions seeking access to the crypto economy.”
- Michael Novogratz, the CEO of Galaxy Digital, commented that his company will become a “one-stop-shop” for larger investors. He added that the BitGo purchase will “significantly” accelerate his firm’s mission to “institutionalize digital asset ecosystems and blockchain technology.”
-
“The power of the technology, solutions, and people we will have as a result of this acquisition will unlock unique value for our clients and drive long-term growth for our combined business. We are excited to welcome Mike Belshe and the talented BitGo team to Galaxy Digital.” – Novogratz concluded.