5/5, 3:35 PM (Source: TeleTrader)
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Galaxy Digital agrees to buy BitGo for $1.2 billion

Galaxy Digital Holdings Ltd. announced on Wednesday it has reached an agreement to acquire BitGo for around $1.2 billion as part of its plans to lead a global full-service platform for institutions looking for access to the economy surrounding cryptocurrencies.

"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," Galaxy Digital CEO Mike Novogratz noted in the announcement.

The merger deal will consist of 33.8 million newly issued shares of Galaxy Digital common stock and $265 million in cash, according to the statement, with BitGo shareholders taking ownership of approximately 10% of the pro forma company. The agreement is expected to be finalized in the last quarter of 2021.

Breaking the News / ND