BSV Claims Ltd v Bittylicious Ltd & Ors [2025] EWCA Civ 661 (21 May 2025)

BSV Claims Ltd v Bittylicious Ltd & Ors [2025] EWCA Civ 661 (21 May 2025)

Sub-class B holders who were aware or should have been aware of the delisting events could and should have mitigated their loss by selling BSV and investing in substitute cryptocurrencies; they cannot claim damages for hypothetical 'foregone growth effect' or loss of a chance. Damages are limited to the immediate loss in value following the delisting.

Citation
[2025] EWCA Civ 661
Parties
Applicant/appellant: BSV Claims Limited; Respondent: Bittylicious Limited; Respondent: Payward Limited; Respondent: ShapeShift Global Limited; Respondent: Payward, Inc.; Respondent: ShapeShift A. G.; Respondent: Binance Europe Services Limited
Jurisdiction
England and Wales
Judgment Date
21 May 2025
Procedural Posture
Appeal From Competition Appeal Tribunal (collective Proceedings, Strike Out Application) / Appeal Judgment
Outcome
Appeal dismissed
Legal Topics
Collective Proceedings, Market Mitigation Rule, Damages Quantification, Loss of Chance, Cryptocurrency Delisting, Mitigation of Loss
Competition Law Civil Procedure Collective Proceedings Market Mitigation Rule Damages Quantification Loss of Chance Cryptocurrency Delisting Mitigation of Loss

Case Brief

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Parties

BSV Claims Limited

Applicant/appellant

Bittylicious Limited

Respondent

Payward Limited

Respondent

ShapeShift Global Limited

Respondent

Payward, Inc.

Respondent

ShapeShift A. G.

Respondent

Binance Europe Services Limited

Respondent

Procedural Posture

Appeal From Competition Appeal Tribunal (collective Proceedings, Strike Out Application) / Appeal Judgment

Legal Issues

  1. 1 Whether sub-class B claimants can recover damages for 'foregone growth effect' beyond immediate loss after delisting
  2. 2 Whether loss of a chance analysis applies to damages for sub-class B
  3. 3 Whether the market mitigation rule applies to holders of tradeable assets like BSV who were aware of the delisting events

Ratio Decidendi

Sub-class B holders who were aware or should have been aware of the delisting events could and should have mitigated their loss by selling BSV and investing in substitute cryptocurrencies; they cannot claim damages for hypothetical 'foregone growth effect' or loss of a chance. Damages are limited to the immediate loss in value following the delisting.

Court Disposition

Appeal dismissed