What happened to Galaxy Digital's BitGo acquisition?

Galaxy Digital said Monday it has terminated the $1.2 billion proposed acquisition of crypto custodian BitGo, a high-profile deal they announced in May last year, after the San Francisco-based startup failed to provide its audited financial statements for the year 2021.

What happens during a galaxy merger?

During the merger, stars and dark matter in each galaxy become affected by the approaching galaxy. Toward the late stages of the merger, the gravitational potential (i.e. the shape of the galaxy) begins changing so quickly that star orbits are greatly altered, and lose any trace of their prior orbit.

How much cash does Galaxy Digital have?

In the company’s earnings call, Novogratz said Galaxy Digital had about $1 billion in cash on hand. Galaxy Digital said today it is waiting for the SEC’s review and stock exchange approval for a Nasdaq listing. BitGo has hired the California-headquartered law firm Quinn Emanuel to take appropriate legal action, it said.

Why did KKR buy Galaxy & gainline?

"Galaxy's vertical integration strategy and strong specialization in active products positions the company to take these great brands to new heights," said Lauren Krueger, Managing Director at KKR. "We are excited to finance the deal and invest in the future of the company as a strategic partner with the Galaxy and Gainline teams."