IMPORTANT UPDATE AS AT 30 JUNE 2026
We write to provide creditors with a further update following our previous update dated 20 March 2026.
As of 28 May 2026, the Bittrex platform (the "Platform") was decommissioned and customers are no longer able to access their Bittrex accounts, including account dashboard, balances, transaction history, and account summaries.
The closure of the Platform does not affect customers' distribution entitlements. Customers requiring records relating to their accounts may contact the joint liquidators (the "JLs") at BittrexClaims@uk.gt.com. Due to the volume of data currently being analysed and reviewed, responses may not be immediate; however, all enquiries will be reviewed and responded to as soon as reasonably practicable.
As indicated in our previous update, the JLs applied to the Supreme Court of Bermuda (the "Court") for directions in anticipation of the closure of the Platform. On 15 May 2026 the Court ordered that:
The JLs are working to complete the conversion of digital assets into fiat currency as quickly as possible while seeking to maximise value for customers. Following completion of the conversion process and resolution of the remaining matters in the liquidation, customers' unpaid distribution entitlements will be transferred to the Government of Bermuda's Consolidated Fund (the “Consolidated Fund”).
The JLs will provide a further update outlining the process by which customers may claim their unpaid distribution entitlements from the Consolidated Fund.
The JLs appreciate your patience and will continue to provide updates as they become available.
IMPORTANT UPDATE AS AT 20 MARCH 2026
We provide an update to creditors further to our update dated 29 October 2025.
Progress on the liquidation, including the form and timing of a final distribution has been impacted pending the determination of the Appeal Issue, details of which are provided below. In the interim, the Joint Liquidators have continued preparatory steps required to implement the September Decision and advance the liquidation. This work has included:
Appeal Issue
On 3 November 2025, Martin J issued a ruling dismissing BGI's application for leave to appeal the September Decision, along with two related appeals. BGI subsequently filed a Notice of Motion to the Bermuda Court of Appeal (“CoA”) on 10 November 2025, and a rolled up two-day hearing took place on 19 and 20 January 2026.
The COA delivered its judgment on 10 March 2026, dismissing BGI's appeal. Following receipt of the judgment, the Joint Liquidators have begun preparing an application seeking further directions from the Court regarding the next stage of the liquidation. A further update will be provided once these directions are obtained. It is expected that the next stage will address the form and timing of a final distribution to creditors.
The Joint Liquidators understand that BGI intends to seek leave to appeal the COA decision to the Judicial Committee of the Privy Council, the highest appellate court for Bermuda. Should permission be granted, this will introduce additional uncertainty regarding the expected timeframe for creditor distributions.
We regret the unavoidable delay this has caused. At this time, due to the complexity of the issues that remain l before the Court, the JLs are unable to provide specific timeframes for the payment of unpaid creditor claims. Further information will be provided as soon as there is clarity regarding BGI's intended appeal and the Court's directions on the continued progression of the liquidation.
IMPORTANT UPDATE AS AT 29 OCTOBER 2025
The Joint Liquidators (“JLs”) of Bittrex Global (Bermuda) Ltd (the “Company”), are in the process of seeking directions from the Supreme Court of Bermuda on various matters that may have a direct impact upon future distributions to customers. These matters must first be resolved through the Court before we are able to further progress the distribution process.
On 12 March 2025, the JLs applied for the Court's approval of an interim distribution of surplus funds to the Company's sole shareholder, Bittrex Global Inc (“BGI”). This application was made following the close of the distribution window to creditors in April 2025.
The Bermuda Monetary Authority (“BMA”), acting as the Company's regulator, subsequently applied to the Court to rule on the related issue of whether digital assets in customer accounts should be held separately from the Company's own assets and were there to satisfy customer claims. This was an argument that required the Court to interpret, for the first time, certain sections of the Digital Asset Business Act 2018 (“DABA”). The BMA also sought an order that the remaining unfiled claims of customers with a positive account balance be admitted as creditors of the Company without the need for the submission of further proof (“Automatic Admission”).
The Court considered these applications at a hearing on 17 to 18 June 2025. Judgment was reserved by Justice Martin. At a further hearing on 11 July 2025, the Court circulated a draft judgment to the parties and ordered the JLs to file an affidavit dealing with certain queries raised by the Court and also to propose directions and a timetable for concluding the liquidation within a reasonable period. A final judgment was published on 30 July 2025 (the “July Decision”). In this decision, Justice Martin dismissed the JLs' application and accepted the BMA's interpretation of DABA. The Court also ordered Automatic Admission.
At a further hearing on 29 August 2025, the Court considered the JLs' evidence and proposed timetable to draw the liquidation proceedings to a close within 6 months. In view of certain representations made on legal issues by the BMA, the hearing was adjourned to allow for a longer hearing to take place. In the meantime, BGI filed an application with the Supreme Court for permission to appeal the July Decision and for a stay (a form of suspension) of the liquidation proceedings pending appeal (the “Stay”).
At a hearing on 23 and 24 September 2025, Justice Martin made a number of orders and directions proposed on an agreed basis by the JLs and the BMA but opposed by BGI. These directions provided for, amongst other things, (i) Automatic Admission, (ii) valuation of customer claims with reference to 24 September 2025 as the valuation date, and (iii) for conversion of the Company's remaining digital assets into USDC and/or USDT (the precise form to be agreed with the BMA) as a precursor to distribution (“Token Conversion”). A written ruling dealing with the reasons for these orders was dated 30 September 2025 but not circulated to the parties until 13 October 2025 (the “September Decision”). That decision set out some further limited directions to determine a number of legal issues relating to the proceedings. As of the date of this update, no hearing date has yet been set to determine those issues.
BGI subsequently sought leave to appeal the September Decision. That appeal, together with the two other appeals filed by BGI, were considered by the Court at a hearing on 27 October 2025, at which the application for a stay was renewed (together, the “Appeal Issue”). The Court has reserved its judgment on these applications.
The current position is that it is as yet unclear whether there will be a continuing appeal of the July and September Decisions and whether or in what form (if any) the Stay will be ordered. In the interim period, the JLs are continuing to undertake preparatory work in advance of implementation of the directions ordered by the Court in the September Decision. It is anticipated that further directions will be required in due course with regards to the next stage of the liquidation following Token Conversion. It is anticipated this stage will focus on the form and timing of a final distribution to customers based upon those directions.
In summary, the JLs are actively taking steps to progress the liquidation, including seeking clarification of various legal and practical matters from the Court. This process may be effected or disrupted by the outcome of the Appeal Issue and any Stay. In particular, it may be the case that the Appeal Issue will ultimately move from the Supreme Court to the Court of Appeal for determination.
We regret the delay this is unavoidably causing to distributions. At this point in time and given the complexity of the remaining matters in issue before the Court, the JLs are unable to provide further specifics regarding expected timeframes in relation to unpaid creditor claims. However, we will provide further details to affected creditors as soon as we have clarity on the directions and are able to do so.
A copy of the relevant orders and notices relating to the July and September Decisions can be found below, on this website, under ‘Court Applications’.
IMPORTANT UPDATE AS AT 10 SEPTEMBER 2025
The Joint Liquidators (“JLs”) are currently seeking directions from the Supreme Court of Bermuda regarding the appropriate process for concluding the liquidation. These directions include the treatment of customer accounts and the potential payment of funds to the Bermuda Accountant General (“BMAG”).
During this period, the adjudication of Proofs of Debt (“PODs”), customer withdrawals, and any payments to the BMAG will remain on hold pending further clarification from the Court which we anticipate will be received in the course of the next few weeks. The JLs will issue additional communications once guidance has been received.
We appreciate your patience and will provide updates as soon as further information becomes available. For ongoing updates and access to JL communications, please monitor this portal.
IMPORTANT UPDATE – FURTHER STORAGE FEE INCREASE WITH EFFECT FROM 1 JULY 2025
In accordance with the Terms of Service available and the Court Sanction of the Adjudication Application dated 23 August 2024 authorising the JLs to apply storage fees, the following storage fees now apply to all relevant users with effect from 1 July 2025.
Each account, other than those benefitting from a Storage Fee Waiver and where users have already submitted a proof of debt, shall be automatically charged a storage fee each month with respect to each type of digital asset held in that account, at a rate of 2.5% per digital asset per month, subject to the Minimum Storage Fee. The Minimum Storage Fee for each digital asset is the lower of either (a) $100-worth of that digital asset or (b) the remainder of the holdings in that digital asset. Digital assets will be valued at the market rate as at the date of collection of the storage fee. No storage fees will be applied to fiat currency holdings.
For further details on when the storage fees will apply, available waivers, and other frequently asked questions, click here
IMPORTANT UPDATE AS AT 7 APRIL 2025
The Distribution Window for the Final Dividend closed on 7 April 2025.
Digital assets remaining in accounts held by creditors whose Proof of Debt (“POD”) has been admitted (“Proven Creditors”) by the Joint Liquidators (“JLs”) are no longer available to be withdrawn from the Bittrex Global platform and are considered “Undistributed Assets” in accordance with Bermuda law.
Undistributed Assets will be converted into US dollars, or in the alternative, a digital asset (stablecoin) of equivalent value, and will no longer be available for in specie distribution.
The JLs will transfer the total value of the Undistributed Assets to the Bermuda Accountant General (“BM AG”) where it will be held in the Consolidated Fund.
The JLs will provide the BM AG with a certificate of assets owing to each Proven Creditor, valued at the best rate available as at the date(s) of liquidation from digital asset form, less any commissions and fees applicable at the time of conversion. Digital assets that lack an effective trading market, are no longer supported by a relevant blockchain, or otherwise cannot be liquidated will be deemed to have no dollar value and cannot be claimed from the JLs or the BM AG in dollars or in specie.
Any person claiming to be entitled to any money paid into the Consolidated Fund may apply to the Accountant General for payment. Further information about this process will be provided when available.
Refer to JLs’ creditor portal and Bittrex FAQs for further information.
IMPORTANT UPDATE AS AT 28 FEBRUARY 2025 – FINAL CALL
Final Call for all Bittrex Global (Bermuda) Limited Users
This is a final call for all Bittrex Global (Bermuda) Limited users who have not filed a proof of debt in the Bermuda proceedings to do so by contacting the Joint Liquidators directly.
The online POD process previously available to Bittrex Global Bermuda Users/Creditors has been discontinued to allow the Distributions process to run. All PODs must now be submitted directly to the following email address: BittrexClaims@uk.gt.com and will be adjudicated manually.
Please follow the following steps to submit a POD:
All correspondence with the JLs must be from the email address of record as registered to and displayed in your account. The JL’s reserve the right to disregard emails from non-User addresses.
This is the final call for PODs. Failure to respond to this or any related communication, or to provide the information required by the JLs to adjudicate your POD, may result in the rejection or exclusion of your POD from the claims process.
The JLs are unable to assist with account access or login issues. For all such inquiries, please follow this link Log In Issues or contact Bittrex Global Bermuda Support.
IMPORTANT UPDATE AS AT 7 JANUARY 2025 – DISTRIBUTIONS COMMENCE
The Online POD submission platform is now closed and the Distribution Window has opened
Please refer to the Notice of Dividend below that was provided to all Creditors (“Proven Creditors”) whose Proof of Debt (“POD”) has been admitted by the JLs (“Admitted Claims”).
The Notice states that a Final Dividend (distribution) of 100% of Admitted Claims will be paid to Proven Creditors.
Payments of the Final Dividend commenced on 7 January 2025 and will continue on a rolling basis until 7 April 2025.
Please be advised that funds payable to Proven Creditors that are not claimed by 7 April 2025 will be paid over to the Government of Bermuda Accountant General (BM AG). Creditors who fail to claim their tokens before this deadline will need to contact the BM AG directly to recover their funds.
Next Steps for Proven Creditors:
Distribution Window and Process
The Distribution Window Opened on 7 Jan 2025. If you have submitted an Undisputed Claim, or if you have received a Decision Notice from the JLs partially rejecting your claim and partially admitted your claim according to the balances shown in the Company’s books and records (“Admitted Claims”), you have been scheduled for Distribution of your digital assets. If your account is in good standing and you have provided wallet addresses, no further action is required on your part at this time.
As of 7 Jan, 2025, the platform, subject to applicable transaction and storage fees, will automatically initiate the withdrawal of each digital asset for which a withdrawal request and valid* wallet address has been submitted. All digital assets must be withdrawn by the close of the Distribution Window (7 April 2025).
If you haven’t submitted a withdrawal request for all assets, please CLICK HERE to submit withdrawal requests.
* Attempted transfers to an invalid Destination Wallet Addresses may not be reversible, and the relevant Digital Assets may be irretrievable; it is an inherent part of transfers in Digital Assets that users provide accurate and valid addresses, as this is entirely out of the control of the Company.
IMPORTANT UPDATE AS AT 11 DECEMBER 2024 – POD DEADLINE EXTENSION
NOTICE IS HEREBY GIVEN to creditors of Bittrex Global (Bermuda) Ltd (the Company), the deadline for the filing of proofs of debt (POD) has been extended until 4:00 pm (AST) on 17 December 2024.
IMPORTANT UPDATE AS AT 10 OCTOBER 2024 – NOTICE TO CREDITORS TO PROVE DEBTS
NOTICE IS HEREBY GIVEN to creditors of Bittrex Global (Bermuda) Ltd (the Company), which is being compulsorily wound up under the supervision of the Supreme Court of Bermuda (the Court), that a final deadline for the filing of proofs of debt (POD) has been set by order of the Court dated 23 August 2024 for 4:00 pm (AST) on 10 December 2024.
The window for filing a POD shall commence at 9:00 am (ADT) on 15 October 2024.
The process for the filing of a POD will be different for creditors of the Company who have an existing digital asset account on the Company's exchange and for those who do not.
Bittrex Global Bermuda Users only
Please note that all creditors of the Company who have an existing digital asset account containing tokens of fiat on the Company's exchange can submit their POD by logging into their account as normal and following the instructions on screen.
Non-Bittrex Global Bermuda Users only
For all other creditors, PODs will be available from 15 October 2024 to download from the joint liquidators' (JLs) creditor portal at https://www.grantthornton.ca/Bittrex. If you are unable to access and download this form, please contact the JLs by email Bittrexclaims@uk.gt.com, for the relevant form. These creditors must lodge their POD with the JLs either by post at Grant Thornton Advisory (Bermuda) Ltd, 11 Par-la-Ville Road, Hamilton, HM 11, Bermuda for the attention of Mr Andrew Howie or via email at Bittrexclaims@uk.gt.com.
For the avoidance of doubt, all PODs must be lodged with the JLs on or before 4:00 pm on 10 December 2024 which is the final deadline for the submission of claims set by the Court.
DATED 10th October 2024
Bittrex Global (Bermuda) Limited (“the Company”) – in Provisional Liquidation
The Joint Provisional Liquidators (the “JPLs”) have established this web portal, in order to facilitate regular updates to the Company’s stakeholders and to ensure all stakeholders receive regular updates with respect to the progress of the liquidation and related proceedings. This portal remains separate to the Company’s website (https://bittrexglobal.com) which also contains helpful information with regards to the JPLs’ appointment.
Grant Thornton’s Appointment
On 15 March 2024, pursuant to an Order of the Supreme Court of Bermuda (“Supreme Court”) Andrew Howie of Grant Thornton Advisory (Bermuda) Limited, Carmel King of Grant Thornton UK LLP and Margot MacInnis of Grant Thornton Specialist Services (Cayman) Limited were appointed as JPLs of the Company. Upon the making of the Order, the powers of the directors of the Company were suspended and assumed by the JPLs. The Company was subsequently wound up by a further Order of the Supreme Court on 28 March 2024.
The liquidation, as governed by the laws of Bermuda, provides for an orderly winding up of the Company. The role of the JPLs is to provide independent management of the process.
The JPL are authorized and empowered by the Supreme Court to take such steps as they consider necessary or expedient to protect the Company's assets. The powers of the JPLs include, among other things, the power to defend any actions or legal proceedings on behalf of the Company, to investigate and conduct the affairs of the Company, to engage staff and advisors to assist them in the performance of their functions, to take possession of and collect the Company’s property and to execute all agreements and documents on behalf of the Company.
The JPLs continue to work closely with the Company and the Bermuda Monetary Authority with regards to the implementation of a liquidation plan that envisages all Bittrex Global Bermuda users being in a position to withdraw their balances, with all other creditors paid in full, in an orderly and efficient manner.
Bittrex Global Bermuda Users only
As previously advised, a temporary halt has been placed on all withdrawals as the JPLs establish a distribution process for all Bittrex Bermuda user accounts. Please rest assured, this process will conclude as soon as possible and we expect that, subject to approval by the Supreme Court, withdrawals will resume in the coming weeks.
However, in the interest of transparency, please note, there are a number of Supreme Court applications to be granted prior to the withdrawals being reinstated.
The JPLs appreciate the need to access balances in the short term and to this end, are prioritising the requisite Court applications. The JPLs will continue to provide updates to all users, particularly with regards to access to your account via the Company’s existing trading platform. In the interim, the JPLs recommend that all Bittrex Global Bermuda users (i.e. customers and/or former customers) continue to monitor this website, which will be regularly updated by the JPLs.
In circumstances where you have additional queries, the JPLs suggest you firstly consult the “Frequently Asked Questions” section of this website, or alternatively contact our dedicated team at bittrexusers@bm.gt.com.
Non-Bittrex Global Bermuda Users only
In the event you are not a Bittrex Bermuda user but believe that you are owed money by the Company, the JPLs would urge you to contact our team via bittrexusers@bm.gt.com, providing details of the particulars of your claim.
General Enquiries
For all other queries, please contact the JPLs at bittrexusers@bm.gt.com.