Why Galaxy Digital May Be Backing Out of BitGo

The crypto world may get its own Elon Musk vs. Twitter-esque legal battle! Well, it might not be quite as grand, but here it is: BitGo, a crypto custodian and financial services platform for institutional investors, is threatening to sue a much larger crypto financial services firm, Galaxy Digital, after the latter pulled out of last year’s $1.2 billion deal to acquire BitGo. 

It’s worth unpacking why Galaxy founder and CEO Mike Novogratz—who, like Musk, is a larger than life character, Luna-token tattoo and all—may have backed out of this deal. Both sides have differing stories.