Galaxy's Mike Novogratz Testifies in Court Over Collapsed $1.2B BitGo Deal — Here's What Went Wrong
82d ago · 1 source
Galaxy Digital founder Mike Novogratz appeared in court to testify regarding the failed $1.2 billion acquisition of crypto custodian BitGo. The deal, originally announced in 2021, fell apart and has since led to legal proceedings between the two companies. Novogratz's testimony sheds light on the internal dynamics and disputes that led to the collapse of one of crypto's largest proposed mergers.
WHY IT MATTERS
Think of this like two big companies agreeing to merge, but then one side backs out and the other sues. In the traditional business world, this happens occasionally — but in crypto, it's especially notable because the industry is still figuring out the rules for how big corporate deals should work. BitGo is a company that helps institutions safely store their crypto (like a digital vault), and Galaxy Digital is a major crypto investment firm. When their $1.2 billion deal fell apart, it led to a lawsuit. Now the CEO of Galaxy is testifying in court, which could help establish how crypto companies are expected to behave during mergers and acquisitions — essentially helping write the playbook for the industry's future.
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