August 16, 2022, 1:23PM EDT
• 3 min read

Analysis of Galaxy Digital's $1.2bn Acquisition of BitGo

Quick Take

  • This is part of The Block Research’s Market Commentary series
  • Galaxy Digital’s $1.2bn acquisition of BitGo has been called off with Galaxy Digital citing BitGo’s failure to provide audited financial statements for fiscal year 2021 
  • BitGo responded with a +$100mm lawsuit and hired law firm, Quinn Emanuel, seeking damages 
  • Galaxy Digital ($GLXY) closed Monday, August 15th, trading at $6.85 / share, a +6.3% move in intra-day trading
  • Today, August 16th, Galaxy is currently trading at $5.97 / share, a ~13% decline in intra-day trading at the time of this writing 
  • Disclaimer: This is a market commentary research piece and includes opinionated views from our research team. Nothing contained in this piece constitutes a solicitation, recommendation, endorsement, or offer by The Block Research.

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