Sheldon Reback
Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.
Galaxy Digital (GLXY), a financial services and investment management company, abandoned a plan to buy BitGo, saying the crypto custody specialist had failed to provide financial statements by an end-of-July deadline.
BitGo had been required to deliver audited financial statements for 2021 by July 31 and didn't do so, Galaxy Digital said in a statement Monday.
The acquisition was announced May 2021 for what was, at the time, about $1.2 billion in stock. The deal was expected to close by the end of that year. It stalled in March as Galaxy Digital awaited U.S. Securities and Exchange Commission (SEC) approval over its plan to reorganize as a Delaware-based company. Terms of the deal were tweaked to account for a decline in the price of Galaxy's Toronto-traded shares over the period.
Galaxy Digital still intends to list its shares on Nasdaq, it said today.
UPDATE (Aug. 15, 11:31 UTC): Expands reason for cancelation in second paragraph; adds March developments in third; removes extra "i" from headline.
