BitMEX Sale Falls Apart Over Founder Ownership and Declining Business

BitMEX spent two years exploring a sale to multiple potential buyers, including competitor exchanges and payments platform Exodus, but failed to close a deal before announcing plans to wind down operations, according to a person familiar with the matter.

Founder Control Complicated Talks

Potential buyers were reportedly put off by BitMEX’s founder-led ownership structure, its shrinking business, and lingering reputational baggage. Co-founders Arthur Hayes, Ben Delo, and Samuel Reed still controlled a large majority of the company despite stepping away following 2020 US criminal charges, making one prospective buyer uncomfortable since acquirers typically want executives incentivized to stay post-deal. Investment bank Broadhaven had been advising on the sale process since early 2025.

Declining Market Share Hurt Valuation

BitMEX continued losing market share throughout the sale process as trading shifted to larger centralized exchanges and decentralized perpetual futures platforms, making buyers reluctant to pay a growth-level revenue multiple. The exchange reportedly sought a valuation around $1 billion, though it’s unclear whether formal bids were ever made.

A Pioneer’s Decline

BitMEX pioneered the perpetual futures contract in 2016, a product that transformed crypto derivatives trading and now dominates volume on exchanges like Binance, Bybit, and Hyperliquid. The company announced July 24 it would wind down following a strategic review by parent HDR Global Trading, with closure planned for September 23.

BitMEX now also faces a lawsuit alleging it withheld trader collateral, even as broader crypto dealmaking remains active, with 144 M&A deals worth $11.8 billion announced so far in 2026.