Galaxy and BitGo Go to Trial Over $100 Million Breakup Fee Dispute

According to Bloomberg, Michael Novogratz, founder and billionaire CEO of Galaxy Digital, faced off in court this week against Mike Belshe, CEO of BitGo Holdings, in a four-year-long merger dispute. BitGo is seeking at least $100 million in breach-of-contract damages from Galaxy, stemming from Galaxy’s $1.2 billion acquisition proposal for BitGo in 2021—the largest deal in cryptocurrency industry history at the time—which ultimately collapsed amid the crypto market downturn. BitGo alleges that Galaxy failed to use reasonable efforts to consummate the transaction and concealed material details regarding U.S. regulatory investigations into Galaxy—investigations that could have significantly impacted the merger’s completion.