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Novogratz says Galaxy’s $1.2 billion planned BitGo tie-up brings it a step closer to being Goldman Sachs of crypto

Galaxy Digital's CEO Mike Novogratz says that he aspires to make his financial services firm the Goldman Sachs of the crypto banking world and Wednesday's announced acquisition of BitGo brings him one step closer to creating that powerhouse franchise. 3:02 p.m. Today

Tesla’s Bitcoin Holdings Won’t Help Its Credit Rating. Here’s Why.

Analysts at S&P Ratings say the cryptocurrency isn’t liquid or accessible enough to be counted like cash, Treasuries, or other financial assets in their calculations. 2:45 p.m. Today

As dogecoin prices spike, one big-league baseball team is selling tickets in exchange for the meme crypto

The pair of seats sold for 100 Dogecoin, which is worth about $50 as of Tuesday. 2:29 p.m. Today

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As dogecoin extends record rise, Galaxy’s Novogratz says ‘it’s dangerous being a speculator’ in the crypto

Wealthy investor Mike Novogratz says that the run-up in dogecoin is a reflection of the disenchantment of younger investors in the current state of financial markets and the economy and cautioned that trying to bet on the parody coin at these current levels is dangerous.

12:36 p.m. Today
Why is dogecoin’s price spiking—again? The crypto has surged 14,000% in 2021

Dogecoin, the meme crypto linked to an image of a Shiba Inu dog, has been enjoying one of the best years for cryptocurrency in recent memory, boasting year-to-date gains of more than 11,000% and putting it in the top 10 of the most-highly valued digital assets this year.

7:42 a.m. Today
Galaxy Digital to acquire digital assets infrastructure provider BitGo for $1.2 billion in cash and stock

Galaxy Digital Holdings Ltd. , a financial services and investment manager in the digital asset, cryptocurrency and blockchain technology sectors, said Wednesday it has agreed to acquire BitGo, an independent digital assets infrastructure provider, for $1.2 billion in stock and cash. Under the terms of the deal, BitGo shareholders will receive 33.8 million newly issued shares of Galaxy Digital plus $265 million in cash. Galaxy will use its balance sheet to fund the cash portion of the payment price, a large part of which will be deferred up to 12 months after the deal closes. At close, Galaxy will issue incremental shares to BitGo's shareholders in exchange for net digital assets. BitGo shareholders will own 10% of the pro forma new company, and Galaxy will retain most of BitGo's employees and management team. The deal is expected to close in the fourth quarter. "The acquisition will position Galaxy Digital as a leading global full-service platform for institutions seeking access to the crypto economy, offering an unparalleled breadth of industry-leading products and services at scale," the company said in a statement. BitGo was founded in 2013 and has developed custody and wallet infrastructure products, financial products including prime lending, trading and portfolio management and tax services. It has more than $40 billion of assets under custody, services more than 150 exchanges and more than 400 institutional clients. It processes more than 30 billion monthly transactions and supports the custody of more than 400 coins and tokens.

6:12 a.m. Today
5/5/2021 4:56pm
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