Galaxy says Delaware court found it had 'valid basis' to terminate BitGo deal

Galaxy Digital said Monday that a Delaware court found it had a "valid basis" to terminate a planned acquisition of crypto custodian BitGo after the company failed to deliver audited financial statements required by the merger agreement.

"We’re pleased with the court’s decision to dismiss BitGo’s claims," Galaxy said in an emailed statement. 

BitGo said last year that it would seek over $100 million in compensation for the termination of the deal. 

"BitGo plans to appeal the Court’s decision, and continues to believe that Galaxy wrongfully terminated the agreement," the company said in an emailed statement to The Block. 

(Updates with comment from BitGo in fourth paragraph.)