Galaxy, led by Michael Novogratz, terminated an agreement in August 2022 to acquire the crypto custodian BitGo for $1.2 billion. The company had committed to pay $265 million in cash and 33.8 million shares of Galaxy Digital. BitGo claims that Galaxy concealed details of an investigation by U.S. authorities that influenced the deal's closure. However, Galaxy emphasizes that BitGo failed to provide audited financial statements for 2021 on time, as required by the agreement. The company asserts that it is not obliged to pay a termination fee. Meanwhile, BitGo is demanding at least $100 million.