Arbitrade: ‘We Acquired Victoria Hall Building’

October 31, 2018 | 41 Comments

[Updated] According to an announcement posted today [Oct 31] on Arbitrade’s website, they have “completed the acquisition of the Victoria Hall Building” which “will serve as Arbitrade Ltd. Bermuda World Headquarters.”

The company announced back in July they were expecting the buy the building, and their announcement today said they will “make plans to renovate the building to house its global head office digital asset exchange.”

The announcement said, “Len Schutzman, Chairman of Arbitrade Ltd., on behalf of its Board of Directors, announced today via its Agency of Record for Traditional and Non-Traditional Media, Creative Management Partners LLC [CMP], that the Arbitrade group has completed the acquisition of the Victoria Hall Building located at No 6. Victoria Street, Hamilton, Bermuda, which will serve as Arbitrade Ltd. Bermuda World Headquarters.”

Photo via Arbitrade’s website:

victoria hall Bermuda Oct 31 2018

Len Schutzman, Chairman and Chief Executive Officer of Arbitrade Ltd, said, “This purchase represents Arbitrade’s commitment to Bermuda as the world’s leading jurisdiction in the digital asset space. The Company now proposes to make plans to renovate the building to house its global head office digital asset exchange.

“Once its subsidiary, Arbitrade Exchange [Bermuda] Ltd. is licensed under the Digital Asset Business Act 2018, it intends to commence its hiring process, which will create numerous training and employment opportunities for Bermudians. Arbitrade Ltd. is very excited about developing its long-term partnership with Bermuda for all Bermudians,” Mr Schutzman added.

Tweet sent this morning from their official account:

Arbitrade tweet Bermuda Oct 31 2018

The building had been listed for sale earlier this year for $6.5 million.

According to the Government listings, there are three companies registered in Bermuda with the Arbitrade name; Arbitrade Exchange [Bermuda] Ltd, Arbitrade Ltd, and Arbitrade Property Holdings Ltd.

Update 5.02pm: Premier and Minister of Finance David Burt said, “The announcement of the purchase of Victoria Hall by Arbitrade represents confirmation of their commitment to Bermuda.

“Having submitted their application to purchase the building and subsequently passing all financial and background checks, it must be noted that the Registrar of Companies had no objections and the Chamber of Commerce have expressed their support.

“We thank Arbitrade for this tangible sign of commitment to Bermuda and look forward to further announcements as the island continues to set the pace for the world in Fintech.”

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Comments (41)

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  1. Double S says:

    Remember while in Opposition the PLP labelled the OBA’s decision to allow companies to buy real estate ‘anti-Bermudian’ and accused them of being ‘sell-outs’ for changing legislation to allow them to do so?

    I do.

    Amazing how an election can change one’s views.

    • inna says:

      These “billionaire friends” are not the same as the OBA’s “billionaire friends” apparently!

      • Double S says:

        Just proves that the PLP and their supporters were against OBA proposals like the one I noted above simply due to who was making the proposal and nothing to do with the impacts or merits of the proposals themselves.

  2. WSP says:

    Good ,now lets get the chicken farm going.

  3. Retro says:

    Has anybody, apart from Arbitrade, confirmed this?

  4. Joe Bloggs says:

    Doesn’t Arbitrade need the permission of the Minister of Finance to … never mind.

  5. eyes wide open says:

    I hear they bought plots on the Moon.

  6. question says:

    Digital assets are things owned by billionaires. Bermuda’s buildings are being sold to rich overseas billionaires. Where is Reverend Tweed? Why are our children’s Bermuda assets being sold off to billionaires?

  7. What says:

    Wait what, they purchased the building before their DABA was approved? How is that allowed or not shady at all?!?!?!

    • Double S says:

      Guess they have been given the ‘nod and wink’ treatment from the Government.

    • MB says:

      Who said purchased? They ‘acquired’ it. Who knows what that means.

  8. chart says:

    What type of scamshop includes a prominent reference to their PR firm in the opening line of all their press releases? It’s bizarre.

    • Retro says:

      If you think that’s bizarre read about them buying gold casts of Mandela’s hands. Paid for with bitcoin ,of course.

  9. Lol says:

    And right on time you have the lying OBa trolls come on here spreading misinformation and basically making stuff up cause Caines and Burt are making you eat your own words….Double S, I swear you wake up in the morning and look in the mirror think to yourself how intelligent you are but you make such asinine comments. The OBA’s plan was going to mass gentrify the island along with their ridiculous immigration law they wanted to pass. And your trying to compare that to this? Really? This company bought a building with the intentions of making it its global headquarters to create jobs for BERMUDIANS!!!! You all just purposely missed that point and created a narrative that is not even close to what this really represents. Let’s face it, the OBA and its followers are Anti-Bermudian, really anti black bermudian because when it comes to looking out for locals we hear all the excuses but you lot want to roll out the red carpet for foreigners. This company and the government announced months ago that they was going to acquire a building when some of you same trolls on here now said they was playing and using us and it will never happen. Well you all are wrong once again as usual. You all want to keep harboring over a 1 month long sail boat race that the government lied to us about the spending. Tell me something, what was the OBA’S plan for the next year to build the economy? It wasnt another sailboat race because the AC organizers already said it was going to go somewhere else. They never promised to do it annually in Bermuda so what was the next plan going forward? I’ll wait……………….we as the ppl are not looking for short term fixes we need it for the long run. That’s why us young lot ain’t listening to a lot of you older lot especially in the pba because it’s clear your so called “High I.Q.” is a myth with these ignorant comments. Its CLEAR you dont understand what Fintech is even though I guarantee you use it everyday, but want to get on the internet and tell others what to think about it….I’m telling you OBAUBP trolls now, your party will never get back into power cause it’s clear to the ppl where the true ignorance resides. On top of that you have a leader whose integrity is in serious question. And you call that a leader….AH!!!! O and Leah Scott, does this start to answer your stupid question about job creation yet or are you going to keep reading from the script? PLP the young ppl support you 200 percent cause we understand what Fintech is and how it WILL revolutionize the world and bring riches to our economy.

    • aceboy says:

      Lol!

      Someone is going to be very disappointed.

      Has the billion dollar gold shipment left port yet?

      • Ringmaster says:

        Looking forward to hearing about the hundreds of jobs that unemployed or even employed Bermudians can fill. Fintech takes away jobs unless you have specialized experience and I doubt many Bermudians have that experience. Jobs for expats but not Bermudians. Then there is the question of the $10bn in gold. Well, if you believe that I have lots of e mails from people wanting me to help them after coming into money and needing someone to help them shield it from Government.

        • Goose says:

          We were very obviously lied to, there is no question about the gold. It never existed and was used in an attempt to fool us all into thinking that Arbitrade was a robust company with a global footprint. Our leaders glossed over that fact, as well as the fact that Arbitrade currently shares office space with a seamstress down some rural backroad in Ontario.

    • mixitup says:

      I can relate to how you expressed yourself here…. For these “Bermudians” to not give credit where it is due and on top of that, bad mouth, be little, and make a mockery of an INDUSTRY that is being carefully crafted for the FUTURE of this country is disgusting, but expected, but yet these are “Bermudians” right? No care for what damage there public comments could possibly do, but yet they are “Bermudian” I’ll never be convinced.

      • Truthhertz says:

        Did you and your PLP cohorts ever stop to think how damaging hour constant negativity was whilst in Opposition?

        And yes we know that you think only you can be true Bermudians.

      • Double S says:

        Were you Bermudian when you vehemently opposed the AC which brought massive exposure to Bermuda and contributed to the uptick in both tourism and construction, that ironically your team is more than happen to try and take credit for? Or is that different somehow?

      • Retro says:

        The only winners from this so far are the owner/owners of Victoria Hall. I’m sorry but Arbitrade are questionable so I can’t agree with your “ carefully crafted” characterization of this government initiative . To be honest it seems reckless and I hope it doesn’t become damaging to our reputation. Why don’t you try scrutinizing Arbitrade the same way you scrutinize us fake Bermudians. Then maybe you will understand the concern.

      • Question says:

        They’re selling Bermuda to foreign billionaires.

      • aceboy says:

        Credit for what? Selling a building?

        All those negative comments about the AC is fine though right?

      • Lol says:

        Just following in the footstep of the PLP’ers when it came to the airport and AC

      • sandgrownan says:

        Well, if you put down your faux outrage for a minute. We have a government who have been in power for roughly 15 of the last twenty years.

        In that time they have trampled on the rights of citizens and tanked the economy. They have achieved, literally, nothing positive for Bermuda. The economy, after a brief upward tick, is heading down faster than we can imagine.

        A couple of them have some smarts and have realized, at least privately, that we’re in a hole and the rhetoric beloved of the PLP isn’t helping. Bermuda sends a message that it’s closed.

        In order to try to address this, Bitcoin Dave is running around looking for the silver bullet. There isn’t one. It takes times and a steady hand. We don’t have either.

        Arbitrade are a shady organization by any standards and you ought to take a closer look rather than dismiss criticism.

    • Double S says:

      Unfortunately you wasted all your bad grammar and atrocious spelling on a rant that does nothing to disprove my point. It was just another attempt to deflect and rewrite history. Typical.

      When the OBA loosened restrictions for foreign companies to buy local real estate you and your team went on your usual ‘anti Bermudian’ rants whilst one current MP wrote a whole piece calling them ‘sell outs.’Now your team is more than willing to take advantage of such an ‘anti-Bermudian’ policy. How ironic.

      And I see once again you trod out the ignorant and racist insinuations that only certain people can be ‘real Bermudians.’. My response to that bigoted ideology would not allow to be printed. So use your imagination.

      • Rico Suave says:

        Your grammar looks weak. Jus sayin

        • Double S says:

          Just as weak your typical response which seeks to deflect from the facts as outlined above. No wonder the PLP loves their supporters.

          • Rico Suave says:

            “Just as weak your typical response which seeks to deflect from the facts as outlined above. No wonder the PLP loves their supporters.”

            You are funny. I do not support any until they can show progress and unity. Take your meds and chill. Peace and love

    • Question says:

      Nah. You’re talking bollocks.

    • sandgrownan says:

      LO<, that has to be "rant of the week" !

      • Toodle-oo says:

        And from a ‘real’ Bermudian !
        (I hope I put the inverted commas in the right place)

    • Anbu says:

      If you are the voice of the “young people” in this country then you all truly are screwed. Lmao. You think this industry is gonna “create” jobs? Man u youngsters are easy to fool. U all eating up that pee el pee narrative tho. Burt is smiling for sure

      • Tiger says:

        And if you are truly Bermudian and for Bermuda your comment is just political banter and irrelevant. Us young people embrace this opportunity fully and will make it into a success for Bermuda and all Bermudians versus the typical OBA projects where the very few benefit and harvest our skill to their selfish benefit!

        • LocaliCartel says:

          Allowing companies such as Arbitrade to be affiliated with Bermuda is exactly the type of decision that could destroy any chance of making fintech into a success for us

  10. What !!! Expats bought a building and the GREAT PLP allowed this to happen??? Oh my dur where is Tweed, Famous, Burgess and the rest of the f$$ls. They should be planning the March on parliament now. The nerve of them selling out our island to the big bad wolfs. Mercy me

  11. Hook Line and Sinker says:

    If this Fintech is SO GREAT why has it not been set up in any other Country.

    These lot are so gullible, they have taken the bait and think they are the Hero’s.

    Its nothing but a glorified Pyramid scheme.

    Prove me wrong.

    Walkers are Smiling.

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