Galaxy Digital terminates deal to buy BitGo for $1.2 billion

Galaxy Digital Holdings Ltd. (TSE:CA:GLXY) said Monday that it has exercised its right to terminate the agreement to buy independent digital assets infrastructure provider BitGo, as Bitgo failed to deliver audited financial statements by July 31. The New York-based investment manager in cryptocurrency and blockchain technology sectors said there is no termination fee. The company had announced in May that it was buying BitGo in a cash-and-stock deal valued at $1.2 billion. Galaxy Digital said Monday it remains committed to completing a reorganization that includes becoming a Delaware-based company and to list its stock on the Nasdaq -- the stock currently trades in Canada. Galaxy's stock has tumbled 62.1% year to date, while bitcoin (COINDESK:BTCUSD) has tumbled 47.9% and the S&P 500 (S&P:SPX) has lost 10.2%.