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.
Tomio Geron (
@tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. Before that, he worked as a staff writer at Forbes, covering social media and venture capital, and also edited the Midas List of top tech investors. He has also worked at newspapers covering crime, courts, health and other topics. He can be reached at firstname.lastname@example.org or email@example.com.