Summary
- A Delaware court dismissed BitGo’s lawsuit against Galaxy Digital for prematurely backing out of its offer to acquire the former for $1.2 billion.
- The court determined that Galaxy was justified in backing out of the deal because BitGo had failed to deliver audited financial statements in time.
- Galaxy Digital is now looking to move operations out of the US and upgrade the global financial system.
Background
BitGo had filed a lawsuit against Galaxy Digital alleging that it had terminated an agreement before it was intended to end, and is owed damages under the termination fee clause. The agreement in question was for Galaxy Digital’s acquisition of BitGo for $1.2 billion.
Court Decision
However, the court determined that Galaxy was justified in backing out of the deal due to BitGo’s failure to provide audited financial statements as part of their due diligence process. As such, they are not liable to pay any damages under the termination fee clause mentioned in their agreement.
Galaxy Digital Moving Forward
Galaxy Digital announced on Twitter that they will be focusing on upgrading the global financial system by promoting innovation and protecting investors and consumers alike. They are also looking towards moving some operations outside of US due to a „legislative stalemate“.
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