BitGo’s $100M Suit Against Galaxy Digital Can Proceed, Delaware Supreme Court Rules

Cryptocurrency custodian BitGo will get a fresh chance to sue financial services firm Galaxy Digital over the two companies’ failed $1.2 billion merger agreement after Delaware’s Supreme Court reversed an earlier ruling to dismiss BitGo’s lawsuit.

“We believe justice prevailed on appeal, and we are delighted to move forward with this case in the Chancery Court,” said R. Brian Timmons, partner at Los Angeles-based law firm Quinn Emanuel, which is representing BitGo in this case.on BitGo’s failure to provide certain audited financial statements on time and said BitGo’s claims were “without merit.”

Last June, Delaware Chancery Court Vice Chancellor J. Travis Laster ruled that Galaxy had a “valid basis” to pull out of the agreement, because BitGo gave the firm “non-compliant” financial documents. After BitGo appealed the ruling, the state’s Supreme Court found that the merger agreement’s definition of “financial statements” was ambiguous, and that both parties “have proffered reasonable interpretations” of acceptable documentation, and reversed the ruling.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.

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