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Galaxy Digital, a financial services firm headed by Michael Novogratz, has agreed to buy crypto custody firm BitGo f0r $1.2 billion in stock and cash, per an announcement today.
BitGo shareholders will get $33.8 million of newly issued shares of Galaxy Digital common stock and approximately $265 in cash, per the terms of the deal.
"The acquisition of BitGo establishes Galaxy Digital as a one-stop-shop for institutions and significantly accelerates our mission to institutionalise digital asset ecosystems and blockchain technology," said Novogratz.
This is a developing story. Check back for updates.