Galaxy Digital Buys BitGo
Posted by Colin Lambert. Last updated: May 6, 2021
Digital assets firm Galaxy Digital has bought infrastructure provider BitGo for $1.2 billion to create, the firm claims, a full service, end-to-end platform for the digital assets space.
The firm continues by saying BitGo’s product suite is complementary to Galaxy Digital’s existing offerings across asset management, trading, investment Banking, and mining. The combined business will be uniquely positioned to serve the entirety of clients’ financial services needs, whether they are storing assets or transacting.
The deal will add 400 clients to Galaxy Digital’s roster, the firm says, and also adds a regulated client custody solution. “Substantially all” of BitGo’s staff will be retained post-acquisition – post transaction, Mike Belshe will become deputy CEO of Galaxy Digital and a member of the company’s board of directors.
“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,” says Mike Novogratz, CEO and founder of Galaxy Digital. “The power of the technology, solutions, and people we will have as a result of this acquisition will unlock unique value for our clients and drive long-term growth for our combined business.”