PANews reported on November 17th that, according to Bloomberg, LevelField Financial Inc. announced it has received approval from the Illinois Department of Financial and Professional Oversight to acquire Chicago-based Burling Bank and transform it into a full-fledged cryptocurrency bank. The deal still requires approval from the Federal Reserve Board of Governors. According to CEO Gene Grant II, LevelField aims to complete the transaction by the end of the year, subject to regulatory approval and the fulfillment of other closing conditions.

According to filings with the Federal Reserve, LevelField has agreed to acquire the bank for up to $70 million. This marks the second attempt by the two companies to merge. Back in early 2023, just before the collapse of Silvergate and Signature banks, LevelField attempted to acquire Burling Bank. A year later, they withdrew their offer, but after Trump's election as US president in December 2024, they attempted to acquire it again. The merged entity will retain Burling Bank's core community banking operations, with a new focus on providing deposit accounts, loans, and custody services tailored to digital assets, such as term loans and credit cards secured by Bitcoin or Ethereum.