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Galaxy Digital set to acquire BitGo for $1.2b in stock and cash
Galaxy Digital is one of the leading companies in the cryptocurrency space. The firm wants to expand its services by acquiring BitGo, one of the major independent digital assets infrastructure providers.
Novogratz's Galaxy Digital set to buy BitGo
Galaxy Digital has announced that it is currently in the process of acquiring BitGo. In fact, the acquisition would cost the financial services and investment management innovator roughly $1.2 billion. That said, it would be paid in stocks and cash.In a press release earlier today, Galaxy Digital stated that it has agreed to acquire BitGo. "The acquisition will position Galaxy Digital as a leading global full-service platform for institutions seeking access to the crypto economy, offering an unparalleled breadth of industry-leading products and services at scale," the post added.
Mike Novogratz, CEO and Founder of Galaxy Digital, noted that by acquiring BitGo, Galaxy Digital would become a one-stop shop for institutions. Hence, this would accelerate the company'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 said.
According to the terms of the deal, BitGo shareholders will receive $33.8 million in newly issued shares of Galaxy Digital common stock. Apart from this, they will get about $265 million in cash. This brings the total transaction value to roughly $1.2 billion per Galaxy Digital's closing share price yesterday.
The two companies were reported to be in advanced talks last month about a possible deal. Granted, BitGo has been around since 2013 and is the first independent regulated custodian purpose-built for digital assets. The firm currently has around $40 billion in assets under management. It provides services to over 150 exchanges and 400 institutional investors. Currently, BitGo processes over $30 billion in monthly transactions.
Galaxy Digital looking to list in the US
Galaxy Digital is a publicly listed company based in Canada. However, it is working towards becoming a publicly-listed company in the United States. The acquisition of BitGo is part of the company's plan to go public in the US.In effect, the company's board of directors recently approved a proposed reorganization and domestication designed to help Galaxy Digital become a US publicly-listed entity.
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