During a court appearance in Delaware, Galaxy Digital's founder stated that the SEC has made the approximately $1.2 billion merger with BitGo very difficult, and the deal was canceled in August 2022, with BitGo demanding a $100 million termination fee. Novogratz said regulatory approval is nearly impossible, and BitGo did not provide the required financial information on time; BitGo's CEO stated that all necessary information has been provided. The judge will rule this week on whether BitGo should receive the $100 million termination fee.

MarsBitNews

2026-05-22 06:11:19

Abstract generation in progress

Mars Finance News, Galaxy Digital founder Mike Novogratz stated during a hearing at the Delaware Court of Chancery that the U.S. Securities and Exchange Commission (SEC) made the company's planned $1.2 billion merger with BitGo in 2021 very difficult. The merger was at the time the largest cryptocurrency merger plan. Galaxy Digital canceled the deal in August 2022, and BitGo demanded Galaxy Digital pay a $100 million termination fee. Mike Novogratz said that regulatory approval was unlikely to be achieved, and BitGo failed to provide the required financial information on time, thus losing the right to a $100 million termination fee. BitGo CEO Mike Belshe stated that BitGo has provided all necessary information. The trial is currently expected to conclude this week, and the judge will decide whether BitGo should receive the $100 million fee.

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EraPuzzleMaster

· 6h ago

The judge will make a ruling this week; see how Delaware decides.

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PixelMiningLamp

· 8h ago

Novogratz says the financial information wasn't provided completely, a classic start of bickering

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GateUser-917390d5

· 9h ago

Regulatory uncertainty is deadly; it's an old problem in Web3.

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SmallPosition,BigMouth

· 14h ago

The SEC really dropped the ball here; a 1.2 billion dollar transaction just disappeared like that.

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SudoSmiles

· 14h ago

SEC: I did nothing, and I did everything.

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MintLaterMaybe

· 14h ago

The case from 2022 is only now going to court; the efficiency is touching.

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RiskParachute

· 14h ago

Delaware courts, the old battleground for commercial disputes.

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GateUser-3f3455c7

· 14h ago

Galaxy took a huge loss this time; time is also money.

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WhirlpoolInATeacup

· 14h ago

BitGo CEO responds confidently: come prepared

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TokenTinkerTao

· 14h ago

BitGo demands a 100 million termination fee; that's a pretty harsh calculation.

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Galaxy Digital Founder: SEC Causes Difficulty in Completing $1.2 Billion Merger with BitGo in 2021

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