Galaxy Digital, a crypto and blockchain-focused financial services and investment manager founded by Mike Novogratz, is set to acquire institutional crypto custodian service and wallet operator BitGo.
According to an announcement on Wednesday, Galaxy Digital Holdings will pay $1.2 billon in stock and cash to settle the deal. Under the acquisition’s terms, BitGo shareholders will get 33.8 million in newly issued shares of Galaxy Digital, in addition to $265 million in cash.