PANews reported on August 23rd that the Wormhole Foundation tweeted that it has arranged financing and has made an acquisition offer for Stargate, preparing to acquire Stargate with an initial offer price of at least $120 million in USDC, exceeding LayerZero's $110 million bid. The all-cash acquisition will provide $STG holders with maximum certainty and immediate liquidity, without delays or exchange risk.

Earlier news reported that Wormhole planned to acquire Stargate at a high price and requested a suspension of the vote on "LayerZero's acquisition of STG."