Galaxy Digital Founder: SEC made the $1.2 billion merger with BitGo in 2021 difficult to complete

Odaily Planet Daily News: Galaxy Digital founder Mike Novogratz stated during a court appearance in the Delaware Court of Chancery that the U.S. Securities and Exchange Commission (SEC) made the company's planned $1.2 billion merger with BitGo in 2021 extremely difficult. The merger was the largest cryptocurrency merger plan at the time. Galaxy Digital canceled the transaction in August 2022, prompting BitGo to demand a $100 million termination fee from Galaxy Digital.

Mike Novogratz stated that regulatory approval was unlikely, and because BitGo failed to provide the required financial information on time, it forfeited its right to the $100 million termination fee. BitGo CEO Mike Belshe, however, said that BitGo had provided all necessary information. The trial is currently expected to conclude this week, and the judge will decide whether BitGo is entitled to the $100 million fee. (cointelegraph)