Novogratz Fights $100 Million BitGo Fee Over Failed $1.2 Billion Crypto Merger
Updated
Updated · Bloomberg · May 21
Novogratz Fights $100 Million BitGo Fee Over Failed $1.2 Billion Crypto Merger
1 articles · Updated · Bloomberg · May 21
Michael Novogratz and BitGo CEO Mike Belshe faced off in court this week over BitGo’s demand that Galaxy Digital pay at least $100 million for abandoning their merger.
BitGo says Galaxy failed to use reasonable efforts to complete the $1.2 billion deal and withheld details of U.S. regulatory probes that could have jeopardized closing.
Galaxy scrapped the transaction four years ago as cryptocurrency markets cratered, turning what had been the industry’s biggest proposed merger in 2021 into a prolonged legal fight.
The case keeps alive a high-profile dispute from crypto’s boom-and-bust era, with the court now weighing whether Galaxy’s exit triggered the breakup payment BitGo seeks.
What regulatory secrets could unravel the $100 million legal battle between crypto giants Galaxy Digital and BitGo?
Can Galaxy's 'triple threat' strategy dominate, or will its pivot to AI and tokenization spread the company too thin?
As crypto giants fight over a past deal, is the booming AI industry the real winner of their capital?