Financial services and investment management firm Galaxy Digital on Monday announced it has terminated the $1.2 billion acquisition of digital asset trust company BitGo as it failed to provide audited financial statements for the year 2021.
The proposed acquisition was the global crypto industry's first $1 billion deal.
"Galaxy remains positioned for success and to take advantage of strategic opportunities to grow in a sustainable manner," said Mike Novogratz, CEO and Founder of Galaxy.
"We are committed to continuing our process to list in the US and providing our clients with a prime solution that truly makes Galaxy a one-stop shop for institutions," he added.
No termination fee is payable in connection with the decision.
Galaxy Digital said it intends to complete the proposed reorganisation and domestication to become a Delaware-based company, and subsequently list on the Nasdaq, upon completion of the SEC's review and subject to stock exchange approval of such listing.
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"Galaxy remains focused on executing its business objectives and driving long-term performance for investors. That includes the planned rollout of Galaxy One Prime," it said.
Galaxy Digital reported a loss of $554.7 million in the second quarter, up from a loss of $183 million a year ago period, Amod the global crypto meltdown.
BitGo company offers a multi-signature bitcoin wallet service, where keys are divided among a number of owners to manage risk.
