PANews reported on November 16 that according to Forbes, cryptocurrency custody company BitGo is in preliminary discussions to raise new funds at a valuation of $1.2 billion, but has not set a target amount. Sources said that after FTX went bankrupt, quite a few companies sought investment and mergers and acquisitions.

Earlier in September, BitGo officially sued Galaxy Digital for withdrawing from the acquisition agreement and claimed $100 million in compensation. BitGo accused Galaxy of withdrawing from the acquisition agreement "prematurely" due to regulatory and financial pressures.