A deal between the asset manager and the crypto custodian is close to being finalized, sources tell CoinDesk.
Galaxy Digital, the cryptocurrency-focused financial services firm run by Michael Novogratz, is in advanced discussions to buy BitGo, the U.S.-regulated crypto custody specialist, according to four people familiar with the situation.
Both Galaxy and BitGo declined to comment.
Silicon Valley’s BitGo was last year reported to have been in acquisition talks with fintech giant PayPal. No deal was reached, but PayPal offered as much as $750 million in cash for the custody company, CoinDesk reported last month, citing two sources familiar with the matter. PayPal later agreed to acquire Curv, another cryptocurrency custody firm.