Galaxy Digital claims that BitGo failed to provide audited financial statements for 2021 by the deadline they had agreed upon, and for that reason they decided to end the deal.
BitGo claims they've still got time to provide the statements, and that Galaxy Digital owes them $100 million for breaking the deal, which they plan to pursue in court.
Galaxy Digital just reported a ~$555 million dollar loss in the second quarter, which may have contributed towards their choice to back out of the acquisition.
In June 2023, the Delaware Court of Chancery dismissed BitGo's complaint with prejudice, finding that Galaxy Digital had a "clean termination right" based on BitGo's failure to provide financial statements.