Bermuda Case Insights: Re Bittrex Global (Bermuda) Ltd (In Liquidation)

On 10 March 2026, the Court of Appeal for Bermuda (Kawaley P, Flaux and Hickinbottom JJA) handed down its judgment in Re Bittrex Global (Bermuda) Ltd (In Liquidation). The Court dismissed an appeal by Bittrex Global Inc (“BGI”), the sole shareholder of Bittrex Global (Bermuda) Limited (“Bittrex”), against a series of orders made by the Supreme Court in the liquidation of Bittrex, a Bermuda-licensed digital asset exchange. Conyers acted for the Bermuda Monetary Authority (“BMA”), the statutory regulator of Bermuda’s digital asset sector and the successful respondent in the appeal.

The judgment confirms, for the first time at appellate level in Bermuda, that customer digital assets held by a licensed digital asset business are bankruptcy-remote under the Digital Asset Business Act 2018 (“DABA”) and cannot be treated as the property of the company or distributed to shareholders in a liquidation.