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Galaxy Digital buys BitGo for $1.2 billion

It's reportedly the biggest crypto deal to date.

Galaxy Digital buys BitGo for $1.2 billion
Crypto’s past and future
Image: Protocol.

Galaxy Digital is buying BitGo for $1.2 billion in cash and stock amid a surge in interest in cryptocurrencies.

Founded in 2013, BitGo started as an early crypto custody provider, but has expanded into lending, trading, portfolio management and tax offerings.

Galaxy, headed by Michael Novogratz, is an investment management, banking and trading firm. The Canadian company trades on the Toronto Stock Exchange but is planning a U.S. listing this year. Galaxy will now have $40 billion in assets under custody and offer an array of crypto services to institutions.

The is the largest acquisition in the crypto sector to date, according to the Wall Street Journal.

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