Novogratz’s $100M Breakup Fee Fight
Mike Novogratz, founder and CEO of Galaxy Digital
Photographer: Eva Marie Uzcategui/Bloomberg
A protracted fight over a $100 million breakup fee is pitting Mike Novogratz against BitGo CEO Mike Belshe in a Delaware trial, Sabrina Willmer reports.
BitGo is demanding that Novogratz’s Galaxy pay it at least $100 million for pulling out of a $1.2 billion merger — the biggest-ever crypto deal when it was proposed in 2021.
BitGo claims Galaxy failed to use reasonable efforts to get the deal done. Novogratz said on the stand that he “was pushing” to complete it, but both companies eventually realized regulatory approval was unlikely.
The $100 million termination ...