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Akin Gump

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Akin and GXD Labs Announce Landmark Victory with $85 Million-plus SAFE Claim in Rhodium Enterprises Litigation

Precedent-setting win delivers tens of millions to creditors; Bankruptcy Court authorizes one of the largest-reported “substantial contribution” awards NEW YORK, NY and MIAMI, FL (February 4th, 2026) — Today, Akin and GXD Labs, a wholly-owned subsidiary of Atlas Grove Partners, announced a pivotal win for early investors in now-defunct Bitcoin miner Rhodium Enterprises Inc. (Rhodium). Rhodium filed for bankruptcy in August 2024 with nearly $87 million in obligations to holders of Simple Agreements for Future Equity (SAFEs), a relatively new investment tool frequently used by founders to raise funds in early-stage start-ups. Key Rhodium stakeholders argued that the SAFEs were worth only pennies on the dollar, due in part to a lack of legal precedent around these novel but increasingly common financial instruments.