The financial services firm headed by Michael Novogratz – Galaxy Digital – announced that it will buy crypto custody – BitGo for $1.2B.
The payment will be made with a combination of stocks and cash. BitGo shareholders will get 33.8M of newly issued shares of Galaxy Digital common stock and $265 in cash. Currently, the price per share is almost $35.
“The acquisition of BitGo establishes Galaxy Digital as a one-stop-shop for institutions and significantly accelerates our mission to institutionalize digital asset ecosystems and blockchain technology,” said Novogratz.
Galaxy Digital holds over $40B assets under custody (AUC). The company serves over 150 global exchanges and 500 institutional investments. On the other hand, BitGo transfers over 30B transactions per month.
The future together
After the merge Grayscale claims that it will gain about 400 new global clients and BitGo’s office in San Francisco.
Last month the company applied for a Bitcoin ETF in front of the SEC. By this move Galaxy Digital has joined other high-profile firms such as Skybridge Capital.
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