Billionaire Novogratz Fights $100 Million Fee on Dud Crypto Deal

Michael Novogratz, the billionaire founder of Galaxy Digital Inc., squared off in court this week with BitGo Holdings Inc. Chief Executive Officer Mike Belshe in their protracted legal fight over a proposed merger that failed four years ago when the cryptocurrency markets cratered.

BitGo is demanding that Galaxy pay it at least $100 million for pulling out of the $1.2 billion transaction — a deal that was the biggest ever in the crypto industry when it was proposed in 2021. BitGo claims Galaxy failed to use reasonable efforts to get the deal done and hid from it details ...