Galaxy Digital · SEC · Hong Kong · Cointelegraph
Galaxy’s Novogratz speaks in court over faltered $1.2 billion BitGo agreement: Report
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
◌ Single Source
Galaxy Digital’s Mike Novogratz reportedly told a court the SEC made it “difficult” to complete a planned 2021 merger with BitGo.
Key facts
- Galaxy Digital founder Mike Novogratz appeared in court on Tuesday to face off against BitGo CEO Mike Belshe in a long-running legal fight over a failed proposed $1.2 billion merger in 2021
- Galaxy Digital’s Mike Novogratz reportedly told a court the SEC made it “difficult” to complete a planned 2021 merger with BitGo
- Mike Novogratz, pictured in 2018 at a conference in Hong Kong, has appeared in court over a failed merger with BitGo
- The trial is set to end this week, and a judge will decide whether BitGo should receive the $100 million fee
Summary
Galaxy Digital founder Mike Novogratz appeared in court on Tuesday to face off against BitGo CEO Mike Belshe in a long-running legal fight over a failed proposed $1.2 billion merger in 2021. The planned deal was the largest-ever crypto merger at the time, set to create a massive conglomerate offering a suite of services at a time when investor interest in crypto was high. Galaxy called off the deal in August 2022 as the crypto market was reeling from the collapse of the Terra ecosystem. Novogratz testified in Delaware Chancery Court on Tuesday that he was “pushing to get this deal done,” but Galaxy and BitGo realized regulatory approval for the merger was unlikely because the Securities and Exchange Commission, then headed by Gary Gensler, made it “difficult.”