According to the latest information, #Galaxy #Digital, whose CEO is Mike Novogratz, is buying crypto custodian #BitGo.
According to the latest information, Mike Novogratz's crypto investment bank Galaxy Digital is preparing to buy crypto custodian BitGo for $ 1.2 billion.
🚨Important Step From Galaxy Digital
Announcing the news Wednesday, Galaxy Digital said the deal is a mix of stock and cash. According to the statements made, $ 265 million in cash and the remaining 33.8 million in new Galaxy Digital shares.
Once the acquisition is complete, BitGo will allow its shareholders to own approximately 10% of Galaxy Digital. The deal is expected to be completed in the fourth quarter of 2021. BitGo co-founder and CEO Mike Belshe will join Galaxy Digital as vice-CEO after closing and become a board member of the company.
On the other hand, Galaxy Digital's founder and CEO Mike Novogratz said, “The acquisition of BitGo makes Galaxy Digital a one-stop shop for enterprises and significantly accelerates our mission to institutionalize digital asset ecosystems and blockchain technology. The power of technology, solutions and people we will have as a result of this acquisition will reveal unmatched value for our customers and will provide long-term growth for our business. using his words.
🚨BitGo Has Been Searching For Months
Founded in 2013, BitGo offers crypto custody, investment, principal lending, portfolio and tax management services. The firm claims to have over $ 40 billion in assets under its supervision and serve more than 150 exchanges and over 400 corporate clients.
In fact, #BitGo has been looking for a buyer for months. Last December, there were reports that PayPal would take over the company, but these negotiations were reportedly unsuccessful. #PayPal later bought crypto custodian #Curv for an undisclosed amount .