Galaxy Digital CEO Mike Novogratz reportedly testifies in a court dispute involving Galaxy’s failed acquisition of BitGo, according to reports citing filings and coverage from Cointelegraph and The Block. The planned transaction, originally discussed for 2021 at around $1.2 billion, did not proceed and later became the subject of claims and counterclaims. One part of Novogratz’s testimony, as described in reporting, is that the U.S. Securities and Exchange Commission (SEC) made it “very difficult” to complete the merger.
Separately, The Block’s summary of reporting referencing Bloomberg states that in 2022 Galaxy abandoned the acquisition plan, pointing to BitGo’s alleged failure to deliver required audited financial statements for 2021. The dispute centers on the circumstances surrounding the deal’s collapse and the financial consequences, with one reported claim seeking about $100 million. The proceedings evaluate the competing explanations for why the transaction failed, including regulatory constraints cited by Galaxy and documentation and disclosure issues cited in Galaxy’s later decision to walk away.
