Galaxy Digital and Bitgo are embroiled in a legal dispute in Delaware Chancery Court over a failed $1.2 billion merger initially agreed upon in 2021. Bitgo is seeking at least $100 million in damages, claiming Galaxy improperly terminated the deal in August 2022. Galaxy cited Bitgo's failure to provide audited financial statements as per the contractual agreement, while Bitgo argues it met all requirements and that Galaxy's termination was unjustified. The case, revived by the Delaware Supreme Court in May 2024, hinges on whether Galaxy fulfilled its contractual obligations and if Bitgo's financial statements met the merger terms. Testimonies from Galaxy's Mike Novogratz and Bitgo's Mike Belshe have highlighted differing interpretations of the merger agreement and the impact of regulatory inquiries. Chancellor Kathaleen McCormick will decide the outcome, which could result in Galaxy paying the $100 million termination fee or a larger damages award.