BitGo’s $100M lawsuit against Galaxy Digital can proceed, Delaware Supreme Court rules

Cryptocurrency custodian BitGo will get a new chance to sue financial services firm Galaxy Digital over the failed $1.2 billion merger deal between the two companies, after the Delaware Supreme Court overturned an earlier ruling which rejected BitGo’s lawsuit.

“We believe justice prevailed on appeal and we are pleased to pursue this case in Chancery Court,” said R. Brian Timmons, a partner at the Los Angeles-based law firm Quinn Emanuel, which represents BitGo in this case.

BitGo filed a lawsuit against Galaxy in August 2022, seeking $100 million in damages and claiming that Galaxy “intentionally” violated the May 2021 merger agreement when it could no longer afford the $1.2 billion price tag after experimenting massive financial losses during the cryptocurrency bear market. Galaxy attributed the breakup to BitGo’s failure to provide certain audited financial statements on time and said that BitGo’s claims were “without merit.”

Last June, Delaware Chancery Court Vice Chancellor J. Travis Laster ruled that Galaxy had a “valid basis” to terminate the deal because BitGo had provided the company with “non-compliant” financial documents.

After BitGo appealed the ruling, the state Supreme Court found that the merger agreement’s definition of “financial statements” was ambiguous and that both parties “offered reasonable interpretations” of the acceptable documentation, and the sentence was annulled.

Galaxy Digital did not respond to CoinDesk’s request for comment by press time.

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