Blockchain, Cryptocurrency and Digital Assets

Cravath represented the underwriters in connection with the $212.8 million initial public offering of class A common stock of BitGo Holdings, Inc. (“BitGo”), a leading infrastructure provider of digital asset solutions for businesses, offering solutions including custody, wallets, staking, trading, settlement and digital asset management. The shares were listed on the New York Stock Exchange. The transaction closed on January 23, 2026.

On November 25, 2025, Robinhood Markets, Inc. (“Robinhood”) announced it is extending its prediction markets offering through a new joint venture and partnership with Susquehanna International Group (“Susquehanna”) to operate a CFTC-licensed exchange and clearinghouse. Robinhood will serve as the controlling partner. The independent joint venture will serve Futures Commission Merchant platforms with futures and derivative products, including prediction markets. The venture will accelerate delivery of its services by acquiring MIAXdx, a CFTC-licensed Designated Contract Market, Derivatives Clearing Organization and Swap Execution Facility, and wholly-owned subsidiary of Miami International Holdings, Inc. (“MIAX”). MIAX will remain invested through a strategic 10% equity stake in the exchange. Cravath is representing Robinhood in connection with the transaction.

Cravath represented funds managed by affiliates of Brevan Howard in connection with an investment in Ripple Labs, Inc., consisting of a private placement of Class A Common Stock, as part of Ripple’s $500 million strategic investment at a $40 billion valuation, led by funds managed by affiliates of Fortress Investment Group, affiliates of Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard and Marshall Wace. The transaction closed on November 4, 2025.

Cravath represented Circle Internet Financial, LLC on SEC regulatory matters concerning the non‑applicability of securities laws to payment stablecoins, concurrent with Circle Internet Group Inc.’s initial public offering.

Cravath represented the underwriters in connection with the $683.6 million registered underwritten offering of Class A common stock of Galaxy Digital Inc., a global leader in digital assets and artificial intelligence infrastructure, delivering enduring solutions that accelerate the future digital economy. This was Galaxy Digital Inc.’s first underwritten public offering of its Class A common stock as a listed company on the Nasdaq Global Select Market. The transaction closed on June 3, 2025.

On January 19, 2026, The M&A Advisor honored Cravath with the “Chapter 11 Reorganization of the Year (Over $5B)” award as part of the organization’s 20th Annual Turnaround Awards, which will be celebrated at an event on March 24, 2026 in Palm Beach. Winners were selected by a “distinguished panel of their peers” and represent “the highest standards of excellence in the restructuring and corporate finance profession.” Cravath was recognized for its representation of Silvergate Capital Corp. in its Chapter 11 reorganization and liquidation.

On November 7, 2025, Cravath partner Elad Roisman participated in the fourth annual BCVC Founder Summit, which was hosted by Bloccelerate VC in New York. The event convened founders, CEOs, policymakers and industry leaders in digital asset, AI and other domains to discuss the most challenging problems in the space. Elad moderated a roundtable discussion with SEC Chair Paul Atkins.

On November 10, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the third quarter of 2025. Highlights from this edition include:

On October 30, 2025, Cravath partner Jennifer S. Leete participated in Securities Docket’s Securities Enforcement Forum D.C. 2025, held in Washington, D.C. The conference brought together former senior SEC officials, securities enforcement and white‑collar attorneys, in‑house counsel and compliance executives to discuss critical topics in securities enforcement, including cryptocurrency, financial and accounting fraud, the impact of artificial intelligence, investigation strategies and more. Jennifer spoke on a panel entitled “Crypto Unleashed: The SEC’s New Approach to Regulation, Enforcement, and ‘Project Crypto.’”

On October 16, 2025, Cravath partner Elad Roisman participated in DC Fintech Week in Washington, D.C. The event brought together leading voices in finance, technology and regulation to explore the future of fintech, with discussions on AI, blockchain and global financial trends. Elad moderated a panel entitled “Click Once, Lose Everything?: The Future of Digital Asset Custody,” which examined the importance of securing code, keys and composability at scale, and explored how institutions are redefining custody to support programmable assets, multi‑party computation and next‑generation financial infrastructure.