Galaxy Digital Back Pedal on $1.2 Billion Deal for BitGo Acquisition, BitGo To See $100 Million in damages

By Bitcoinist - 1 tau ki muri - Wā Pānui: 3 meneti
Mane, Akuhata 15, 2022 6:44 PM

Galaxy Digital Back Pedal on $1.2 Billion Deal for BitGo Acquisition, BitGo To See $100 Million in damages

Kua panuitia e te tupuni Mamati kei te tautoko ia i tana $1.2 piriona te hoko mai i te kaipupuri moni crypto, BitGo.

He $1.2 piriona te hoko o Palo Alto, BitGo e noho ana i California na te kamupene whakangao taonga mamati a Galaxy Digital kua whakakorehia, ka mutu tetahi o nga hoko nui rawa atu i roto i te hitori cryptocurrency.

In a press release, Galaxy Digital stated that it is ending the agreement because the cryptocurrency custody company was unable to deliver the audited financial statements that were due by the end of the previous month.

I kii a Mike Novogratz, Tumuaki me te kaiwhakarewa o Galaxy Digital:

"Kei te noho tonu a Galaxy mo te angitu me te whai painga ki nga huarahi rautaki ki te tipu i runga i te taumau. Ka whakapau kaha matou ki te haere tonu i ta maatau mahi ki te raarangi i te US me te tuku ki o taatau kaihoko he otinga tino pai e tino hanga ana a Galaxy hei toa kotahi mo nga umanga.

The M&A transaction would have been one of the biggest ever in the industry. The largest cryptocurrency transaction, according to Crunchbase data, involved the e-commerce startup Bolt purchasing the crypto and payment infrastructure business Wyre for $1.5 billion in April.

When the cryptocurrency industry was only getting started in May of last year, the proposed Digital Galaxy/BitGo agreement was disclosed. Digital assets, however, have had a very different year than last, with Bitcoin alone down about 65% from its November highs.

Ko te whainga o te mahi ko te whakanui ake i te maakete o te tupuni hei papa mo nga ratonga putea me te arotahi cryptocurrency. Ka whai hua nui a Galaxy Mamati mai i te hokonga kua whakamaheretia, ka tuu te pakihi hei papa whakahaere mutunga-ki-mutunga me nga ratonga tiaki tino pai me te tino haumarutanga. I tua atu i nga ratonga tiaki mo nga kaihoko umanga, kua tukuna ano e te hokonga he putea putea haumi, taake me nga ratonga hanganga ture, me etahi atu.

"Ko te hoko mai o BitGo ka whakapumautia te tupuni Mamati hei toa kotahi mo nga umanga me te tino whakatere i ta maatau kaupapa ki te whakarite i nga rauwiringa kaiao mamati me te hangarau poraka," ko ta Mike Novogratz, te kaiwhakarewa me te kaiwhakahaere matua o Galaxy Digital, i korero i taua wa.

I kii mai ka utua e ia te $265 miriona moni mo te hokonga me te whakaputa i nga hea 33.8 miriona kia pera ai. Whai muri i tera, ka riro i nga kaipupuri hea BitGo te 10% o te pakihi.

By the end of March, Galaxy reported a delay in the acquisition while the two parties reworked the agreement to give BitGo owners a roughly 12% stake in the merged company.

The announcement comes in the wake of Galaxy’s second-quarter results, which showed a net comprehensive loss of $554.7 million due to reductions in the value of digital assets. Nevertheless, according to the earnings call, the company continued to have a strong $1.5 billion liquidity position as of June 30, 2022.

In response, BitGo has threatened to sue Galaxy Digital for $100 million in damages. In a statement shared with The Block, BitGo said:

"Kei te whakaaro ia ki te mahi ture ki a Galaxy Digital mo tana whakatau he ki te whakamutu i te whakaaetanga whakakotahi me BitGo, kaore i whakaritea kia pau tae noa ki te Hakihea 31, 2022, i te wa moata me te kore e utu i te $100 miriona utu whakamuri whakamuri i oatihia e ia. hoki mai i te Maehe 2022 hei akiaki i a BitGo ki te whakaroa i te whakaaetanga whakakotahitanga.

Kua puritia e BitGo te umanga ture a Quinn Emanuel, e ai ki tana korero korero. "Ko te ngana a Mike Novogratz me Galaxy Digital ki te whakapae i te whakamutua i runga i te BitGo he poauau," ko ta te hoa a R. Brian Timmons i korero i roto i tetahi korero.

Kuputuhi taketake: Bitcoinko