Galaxy Digital said to be in talks to buy BitGo

Crypto Custody

Have an appetite for another blockbuster deal? Better make room, then! That’s because Galaxy Digital is reported to be in talks to buy BitGo, the crypto custodian company.

Last we heard about this firm it was in discussion with PayPal for an acquisition. The payments giant offered as much as $750 million in cash for the custody company. It later agreed to acquire Curv, another cryptocurrency custody firm, after those talks did not materialize.

But there are signs that these will.

The asset manager and crypto custodian are apparently close to finalizing a deal, with the cryptocurrency focused financial services firm headed by Michael Novogratz currently in advanced discussions to buy the US regulated crypto custody specialist.

According to one of the insider sources, Galaxy does not do custody, and wants to bring that in-house.

BitGo is one of the custodians under consideration for a Goldman Sachs wealth fund that is set to offer Bitcoin to investors with high net worth. To make matters more interesting, both Galaxy and Goldman Sachs are investors in BitGo.

Details of the deal are unclear at this stage, but apparently a traditional financial firm may also be involved alongside Galaxy.

BitGo has raised $69.5 million over six funding rounds, which has included investments from Galaxy Digital. Galaxy, meanwhile, is part of the NYDIG crypto trading consortium, an emerging player among institutional Bitcoin buyers. It has raised $300 million since March.

Expect a deal to be inked soon.

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