Fintech

On January 30, 2026, the California Court of Appeal affirmed the Superior Court of California, County of San Mateo’s grant of summary judgment in favor of Cravath client Dfinity Foundation (“Dfinity”) in a putative securities class action related to Dfinity’s Internet Computer Protocol (“ICP”) master governance tokens. Dfinity is a Swiss not‑for‑profit entity working to create a smart contract platform designed to power blockchain versions of popular internet applications.

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 December 21, 2025, Clearwater Analytics (“CWAN”) announced that it has entered into a definitive agreement to be acquired in a transaction valued at approximately $8.4 billion by a Permira and Warburg Pincus‑led Investor Group (the “Investor Group”), with participation from Temasek. The Investor Group has key support from Francisco Partners. The Special Committee of the CWAN Board of Directors unanimously recommended this transaction and the CWAN Board of Directors subsequently approved this transaction. Under the terms of the agreement, CWAN stockholders will receive $24.55 per share in cash upon completion of the proposed transaction. Cravath is representing the Special Committee of the CWAN Board of Directors in connection with the transaction.

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.

On March 24, 2026, Cravath partner Elad Roisman participated in Blockworks’ Digital Asset Summit 2026 in New York. The summit hosted asset managers, financial institutions, crypto service providers, allocators and policy makers and regulators to discuss onchain institutional finance, digital assets in public markets, stablecoins and global payments, DeFi and risk management and U.S. and global digital asset policy. Elad interviewed SEC Chairman Paul Atkins in a keynote conversation.

On March 23, 2026, Cravath prepared a memo for its clients entitled “SEC Issues Interpretation on Application of Securities Laws to Crypto Assets.” The memo examines an interpretation and guidance issued by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission clarifying the application of federal securities laws to certain crypto assets and transactions involving crypto assets.

On March 11, 2026, at its annual U.S. Awards in New York, Benchmark Litigation honored Cravath partner Antony L. Ryan as its “Securities Litigator of the Year.” The awards recognize “the country’s most distinguished litigators and their firms for their exemplary work over the past twelve months.” At the awards ceremony, Benchmark Litigation highlighted Antony’s successful representation of Robinhood in the sprawling and high‑profile “meme stock” litigation. 

From February 26-27, Cravath partners John W. White and Justin C. Clarke participated in the Florida Bar’s 42nd Annual Federal Securities Institute and M&A Conference in Tampa, Florida. John moderated a panel entitled “Evolving Accounting and Auditing Focal Points in 2026,” which discussed best practices for interacting with the SEC staff, what lies ahead at the SEC, what’s new from FASB and the PCAOB’s new priorities and leadership. Justin moderated a panel entitled “Private Securities Litigation – 2025 Developments and Trends,” which analyzed trends in securities class action filings, case law updates and new and developing issues.

On February 24, 2026, Cravath partner Elad Roisman participated in the National Investment Company Service Association’s 2026 Strategic Leadership Forum, which was held from February 23‑25 in Miami, Florida. The event featured deep dive conversations on the topics of digital assets, AI, regulation, retirement innovation and the future of wealth platforms. Elad spoke on a panel entitled “The Shifting Rulebook: SEC Then & Now,” which reviewed the changes in SEC priorities, what’s to come and how to stay ahead of compliance challenges.