We are advising Galaxy Digital on its proposed acquisition, domestication to the United States and U.S. listing

Davis Polk is advising Galaxy Digital Holdings Ltd. on its $1.2 billion acquisition of BitGo. Davis Polk is also advising Galaxy Digital on its proposed reorganization and domestication from the Cayman Islands to Delaware. Galaxy Digital Pubco Inc., a new Delaware holding company, will be established and become the successor public company of Galaxy Digital. Galaxy Digital Pubco intends to apply to list its Class A shares on Nasdaq.

The transaction has been approved by the boards of directors of both Galaxy Digital and BitGo. The acquisition is expected to close in the fourth quarter of 2021, subject to approval by Galaxy Digital’s shareholders of the domestication of Galaxy Digital as a Delaware corporation and the internal restructuring, as well as certain related matters and other acquisition-related closing conditions and regulatory approvals.

Galaxy Digital is a diversified financial services and investment management company in the digital asset, cryptocurrency and blockchain technology sectors. Galaxy Digital’s team has extensive experience spanning investing, portfolio management, capital markets, venture capital, asset management and blockchain technology. BitGo is a leader in digital asset financial services, providing institutional investors with liquidity, custody and security solutions.

The Davis Polk corporate team includes partner Evan Rosen and associate Michael Senders. The capital markets team includes partner Joseph A. Hall and associate Dan Gibbons. Partners Michael Mollerus and Patrick E. Sigmon are providing tax advice. Partners Jai R. Massari and Zachary J. Zweihorn are providing crypto regulatory advice. Partner Gregory S. Rowland is providing crypto asset management advice. Partner Adam Kaminsky is providing executive compensation advice. Partner Pritesh P. Shah is providing intellectual property advice. Members of the Davis Polk team are based in the New York and Washington DC offices. 

To commemorate the signing, Davis Polk will issue its first ever non-fungible token (NFT) deal toy.