First billion-dollar deal in cryptocurrency world failed apart due to financial statements, review by our Crypto-Upvotes experts

Cryptocurrency storage platform BitGo failed to provide audited financial statements by a certain deadline. It violated terms of deal with Galaxy Digital. Review by our Crypto-Upvotes experts.

Galaxy Digital withdrew its offer to buy cryptocurrency service BitGo for $1.2 billion. The cryptocurrency storage platform violated the terms of the agreement. It failed to provide audited financial statements for 2021 by July 31.

Galaxy Digital said there was no liquidated damages due to the termination of the agreement. The company first became aware of its plans to buy BitGo in May 2021. The deal was scheduled to close in the fourth quarter of 2021. The deal between Galaxy Digital and BitGo could be the first “billion-dollar” deal in a cryptocurrency world.

At end of the second quarter of 2022, the total loss of Galaxy Digital reached $554.7 million. Company continues to consider a listing on the Nasdaq.