BitFury is set to exit the crypto wallet developer through a cash-and-stock acquisition by another investor, Galaxy Digital Holdings.

Digital currency-focused financial services provider Galaxy Digital Holdings agreed yesterday to purchase BitGo, a US-based cryptocurrency wallet developer backed by bitcoin mining technology producer BitFury, for about $1.2bn in cash and stock.

The deal will consist of $265m in cash and 38.8 million Galaxy Digital shares, which closed at $28.47 each yesterday. BitGo’s shareholders will own about 10% Galaxy Digital on a pro forma basis.

BitGo is a digital custodian for crypto assets, providing technology currently responsible for safeguarding some…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.
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