Cryptocurrencies
Novogratz’s Galaxy Buys BitGo in $1.2 Billion Crypto Deal
- Acquisition creates one-stop-shop for institutions: Novogratz
- Crypto custodian BitGo has $40 billion in assets under custody
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Mike Novogratz’s Galaxy Digital Holdings agreed to buy crypto custodian BitGo Inc. in a cash and stock transaction valued at about $1.2 billion.
Galaxy is paying $265 million in cash and is issuing 33.8 million shares to finance the acquisition. BitGo shareholders will own 10% of the company. The deal broadens Galaxy’s offerings and geographic reach.