Cryptocurrency & Digital Asset M&A Advisory

Sullivan & Cromwell provides expert legal counsel on mergers, acquisitions, and strategic transactions involving cryptocurrency companies, blockchain platforms, digital asset businesses, and digital infrastructure assets. The practice combines deep understanding of digital asset technology and regulation with S&C's world-class M&A capabilities, having advised on transactions valued in excess of $1 trillion across the digital assets and infrastructure sectors.

Transaction Structuring & Execution

The team advises on complex deal structures for cryptocurrency and blockchain company acquisitions, including navigating regulatory requirements, structuring earn-outs and contingent consideration tied to token performance, addressing digital asset custody and transfer mechanisms, and managing regulatory approval processes. S&C handles sophisticated M&A transactions across the digital ecosystem, including data center acquisitions, AI infrastructure transactions, telecommunications assets, and blockchain technology platform acquisitions.

Representative M&A Transactions

S&C has advised on landmark digital asset and infrastructure M&A transactions including:

• Yuga Labs' acquisition of PROOF (a leading NFT platform)
• Digital asset infrastructure acquisitions including data center and mining operations
• Acquisitions of cryptocurrency exchanges and trading platforms
• Strategic investments by traditional financial institutions in digital asset businesses
• AT&T's $23 billion acquisition of EchoStar spectrum licenses
• Numerous data center and telecommunications acquisitions for digital infrastructure clients
• AI company acquisitions and strategic investments in AI development
• Acquisitions of blockchain business units and technology assets

Due Diligence & Risk Assessment

The firm conducts comprehensive due diligence for digital asset M&A transactions, including regulatory compliance reviews, smart contract and blockchain technology assessments, token economics and treasury analysis, cybersecurity and operational risk evaluation, intellectual property portfolio review, and assessment of AI technology and data assets. S&C's multidisciplinary approach ensures thorough evaluation of both traditional business factors and novel digital asset considerations.

Cross-Border & Multi-Jurisdictional Transactions

The practice leverages S&C's global platform to execute cross-border acquisitions of digital asset and infrastructure businesses, navigating multi-jurisdictional regulatory requirements, currency controls and sanctions restrictions, tax structuring for international digital asset holdings, and coordination with local counsel across key cryptocurrency and technology markets including the US, UK, EU, Asia-Pacific, and Australia.

Post-Acquisition Integration

S&C assists clients with post-acquisition integration of digital asset and infrastructure businesses, including regulatory licensing transfers, technology platform integration (blockchain networks, AI systems, cloud infrastructure), token holder communications, implementation of compliance programs for combined entities, and operational integration of energy and telecommunications infrastructure assets.