Galaxy Digital Holdings Ltd. (Galaxy Digital), a financial services and digital asset management firm, announced its decision to acquire BitGo, an independent digital assets infrastructure provider.
By acquiring BitGo, Galaxy Digital hopes to establish a platform that offers a wide range of industry-leading digital asset financial services to institutions that want to enter the crypto industry.
“The acquisition of BitGo establishes Galaxy Digital as a one-stop-shop for institutions and significantly accelerates our mission to institutionalize digital asset ecosystems and blockchain technology,” said 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. We are excited to welcome Mike Belshe and the talented BitGo team to Galaxy Digital.”
The combination of BitGo’s product line and Galaxy Digital’s active offerings across Asset Management, Investment Banking, Trading, and Mining would be instrumental in the provision of financial services needs.
The acquisition would bring in several new business lines to Galaxy Digital (including a regulated client custody solution from BitGo Trust Companies), as well as more than 400 global net new clients.
BitGo was founded in 2013 and was the first to be an independent regulated custodian designed for digital assets. With more than $40 billion worth of assets under custody, the company is ahead of its game. BitGo processes more than 30 billion monthly transactions, supports the custody of over 400 coins and tokens, and has the most comprehensive insurance available in the market.