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Laxman Pai, Opalesque Asia: Mike Novogratz's Galaxy Digital, a Bitcoin-focused firm, is set to acquire digital asset custody provider BitGo BitGo for $1.2 billion in cash and stock, the largest-ever acquisition of a company offering bitcoin services.
The acquisition of the U.S.-regulated crypto custody specialist, the first $1 billion deal in the cryptocurrency industry, comes as the total value of the cryptocurrency market soars to $2 trillion.
The merger will position Galaxy as a crypto-focused financial services firm offering storage, trading, asset management, tax services, and more for institutions. It comes as the crypto sector's entire market value soars to $2 trillion.
Canada-listed Galaxy also said it will "undergo a domestication process" on an intended path to a U.S. listing later this year.
"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," said Mike Novogratz, CEO, and Founder of Galaxy Digital.
"The power of the technology, solutions, and people we will have as a result of this acquisition will unlock unique value for our clients and drive long-term growth for our combined business. We are excited to welcome Mike Belshe and the talented BitGo team to Galaxy Digital," Mike added.
According to a press release from the cryptocurrency-focused financial services firm, the San-Fran...................... To view our full article Click here
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