In 2025, the British Virgin Islands (BVI) consolidated its position as one of the world’s most trusted international financial centres, with activity spanning digital assets, global capital markets, mergers and acquisitions, restructuring, investment funds and infrastructure finance. As regulatory frameworks matured and adoption accelerated, the BVI continued to support complex cross-border transactions with legal certainty, commercial flexibility and speed.
Alongside its established strengths, the BVI further distinguished itself as a jurisdiction of choice for institutional-grade digital asset structures, tokenization and on-chain finance. Firms operating in the BVI advised on an expanding range of innovative and high-value matters, reflecting the depth of legal, fiduciary and structuring expertise available within the jurisdiction.
Despite higher interest rates, geopolitical volatility and rapid technological change, BVI-based firms advised on a wide range of market-defining transactions throughout the year. The breadth and scale of this activity reinforced the BVI’s reputation as a stable, adaptable and globally relevant platform for international business.
Elise Donovan, CEO of BVI Finance, said: “2025 demonstrated the depth and maturity of the British Virgin Island’s financial services sector. The industry delivered sophisticated solutions across digital assets, capital markets, restructuring and sustainable finance, demonstrating its ability to evolve while remaining a trusted international financial center for global business.”
Dr. the Hon. Natalio D. Wheatley, Premier and Minister of Finance, said: “The BVI’s financial services sector continues to be guided by innovation, diversification and global relevance. For complex cross-border activity, the BVI remains the jurisdiction of choice, supported by a strong regulatory framework and a commitment to sustainable economic growth.”
Digital Assets, Real-World Scale
Tokenization and on-chain capital markets continued to gain traction in 2025, with BVI structures underpinning a growing number of institutional-grade digital asset platforms and transactions.
Campbells advised on the launch of Ondo Global Markets, an on-chain platform providing 24/7 tokenized access to US equities and ETFs. Conyers advised Mantle on the launch of Index Four (MI4) - a BVI-domiciled tokenized investment fund, while VanEk sought the expertise of Ogier on the creation of VBILL, one of the first fully tokenized investment funds approved in the BVI.
At the same time, fintech and crypto-related M&A activity remained strong. Walkers and Carey Olsen advised crypto investment platform Echo on its $375 million acquisition by Coinbase, while Ogier acted on the sale of a significant interest in crypto derivatives exchange Deribit, marking one of the largest digital asset transactions to date.
Regulatory, structuring and licensing work remained central to the growth of this rapidly evolving area. Carey Olsen and Little Bay Consulting supported digital asset clients with VASP applications, governance frameworks, token issuances and DeFi-related structures, reinforcing the BVI’s role as a credible and engaged jurisdiction for innovative financial products.
Industry engagement also continued to expand through initiatives such as BVI Finance’s inaugural Fintech on the Seas digital assets conference in June 2025. Fintech on the Seas brought together global leaders in fintech, digital assets and financial services, from 17 countries. Founders, technologists, institutional investors and regulators from around the globe coalesced across Necker Island and Oil Nut Bay. The summit addressed opportunities from tokenization and DAOs to AI and digital currencies. BVI Finance’s annual Destination Digital Report was also launched at during the summit, spotlighting a new generation of business, looking beyond borders to navigate growth in an ever-evolving landscape. Findings from the report, and the scale of Fintech on the Seas, demonstrated the pivotal role of the BVI in the industry’s transformation and growth.
Accessing Global Capital
Activity spanned major global exchanges including the United States, London and Hong Kong. In the US, Appleby advised eToro Group Ltd on its Nasdaq IPO, which achieved a valuation of approximately $5.6 billion. Loeb Smith advised Pitanium Limited on the successful initial public offering of 1,750,000 Class A ordinary shares via Nasdaq, while Maples acted on Basel Medical Group Ltd's IPO on the NASDAQ. Harneys acted as BVI council to Aura Minerals Inc. in connection with its IPO in the US, raising over $196 million. Transactions were concentrated in technology, fintech and AI-driven sectors, underscoring the BVI’s appeal as a flexible and globally recognized listing jurisdiction.
In other major markets, Carey Olsen advised Mayflower Acquisition Limited on its IPO on the Main Market of the London Stock Exchange. Maples acted as legal counsel to Yeahka Limited on the placing of 19 million shares valued at $24 million on The Stock Exchange of Hong Kong Limited (HKEX). Loeb Smith also advised on the share capital restructuring of the first Hong Kong-based AI company listed on Nasdaq, Alpha Technology Group Limited. Transactions ranged across sectors, with particular prevalence in technology, fintech and AI-focused issuers - further cementing the BVI’s role as a flexible and globally recognized listing jurisdiction.
M&A, Private Equity & Strategic Investment
M&A remained a significant driver of activity, with BVI structures underpinning several of the year’s most prominent cross-border transactions.
BVI structures were used in several of the year’s most significant cross-border transactions. Mourant advised on the £5.2 billion disposal of Barchester Healthcare to Welltower, the largest care home transaction ever completed. Maples and Conyers advised Prosus on its $1.7 billion acquisition of Despegar.com. O’Neal Webster advised on the sale of $22 million in shares, part of their work for a high profile international technology entrepreneur. Harneys advised ACG Metals Limited during the acquisition of Gediktepe mine in Turkey, and Carey Olsen coordinated regulatory input on the acquisition of Bitstamp by Robinhood – one of the most prominent crypto exchange transactions of 2025.
Restructuring, Insolvency & Dispute Resolution
The BVI remained a leading forum for complex restructurings, insolvencies and high-value disputes.
Appleby advised in relation to the $3.8 billion restructuring of Digicel Group and the $372 million restructuring of FTI consulting. Maples and Walkers advised on offshore debt restructurings involving Country Garden and Kaisa Group, while Campbells acted in high-value insolvency and restructuring matters involving shipping and crypto-related entities, including Three Arrows Capital, Torque, Yield App and Globix.
Dispute resolution activity remained robust, with BVI courts issuing decisions on asset tracing, interim remedies, insolvency procedures and creditor rights. Walkers secured the BVI’s first recorded judgments relating to interim damages and personal bankruptcy orders, further emphasizing the jurisdiction’s standing as a sophisticated common law forum.
Investment Funds, Finance & Infrastructure
Investment funds and private capital structures continued to form a core pillar of the BVI financial services activity in 2025. Ogier continues to act for Phaze Ventures to establish and launch their new $50 million venture fund. This partnership continues following the establishment of their inaugural Omani fund, intending to generate top quartile investment rate of return on early-stage equity investments. Maples acted as counsel to Shenwan Hongyuan Internation Finance Limited and China Great Wall International Holdings VI Limited in respect of their issuance of bonds due in 2028, both in excess of $300 million. Alongside the launch of the Index Four (MI4) Fund, Conyers advised Gold Fields and Telegram Group on the issuance of new bonds upwards of $1 billion. Infrastructure and project-linked finance remained an area of growth; Maples advised a consortium of seven financial institutions on the US$900 million financing of a data center development in Malaysia.
The International Financial Law Review (IFLR) recognized many BVI firms in their IFLR1000 2025 Caribbean Guide, with accolades spanning banking and finance, capital markets, investment funds, M&A, private equity, asset finance, structured finance, and more. Firms ranked included: Appleby, Conyers, Harneys, Maples, Ogier, Walkers, Mourant, Campbells, Carey Olsen, and O’Neal Webster. With expertise across bond issuances, note offerings and structured finance, the BVI remains the destination of choice for high profile transactions.
Sustainability, ESG & Community Impact
Sustainability-linked transactions continued to develop, particularly in renewable energy and governance-focused financing.
Harneys assisted Polaris Renewable Energy Inc. during the successful private placement of $175 million senior secured green bonds, with proceeds supporting further investments in renewable energy assets.
Minister of Financial Services, Lorna Smith, OBE, said “These sophisticated high-value transactions involving BVI structures across the world demonstrate the breadth, depth and global credibility of the BVI’s financial services industry.”
About BVI Finance
BVI Finance is responsible for protecting and promoting the BVI’s financial services industry. The BVI is renowned as a leading international business and finance centre, offering a robust legal framework, a stable and business-friendly environment, and a strong reputation for regulatory compliance. With its strategic expertise in wealth management, corporate services, trusts, fund administration and digital assets, the BVI continues to attract global businesses, investors and financial professionals to use its products and services.
For further information, please contact:
Shamahl A. Smith
Communications and Research Officer
ssmith@bvifinance.vg
Tel: 284-852-1957
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