BitGo’s $100M Suit Against Galaxy Digital Can Proceed, Delaware Supreme Court Rules
Summary
Cryptocurrency custodian BitGo has been granted the opportunity to sue financial services firm Galaxy Digital over a failed $1.2 billion merger agreement. This follows the reversal of an earlier ruling to dismiss BitGo's lawsuit by Delaware's Supreme Court. BitGo had filed a suit against Galaxy in August 2022, seeking $100 million in damages and alleging that Galaxy intentionally breached the May 2021 merger agreement due to financial losses during the crypto bear market. Galaxy had previously blamed the breakup on BitGo's failure to provide certain audited financial statements on time. The Supreme Court found that the merger agreement's definition of "financial statements" was ambiguous, leading to the reversal of the ruling.
