Galaxy Digital to buy BitGo in crypto sector's first $1 bn deal

Billionaire Mike Novogratz's Galaxy Digital has agreed to acquire cryptocurrency custodian BitGo for $1.2 billion. The deal marks cryptocurrency sector's first $1 billion deal, according to the Wall Street Journal. "With this acquisition we become the second-largest custodian behind Coinbase with $42 billion assets under custody," Novogratz said. BitGo shareholders will own 10% of the new company.