BitMEX spent two years in sale talks that collapsed after potential buyers rejected a founder-controlled ownership structure and a shrinking business. The exchange now plans to wind down operations.
Alpha Score of 49 reflects weak overall profile with moderate momentum, poor value, moderate quality, moderate sentiment.
BitMEX spent two years exploring a sale that attracted interest from competitor exchanges and payments platform Exodus. The talks collapsed. Potential buyers walked away. The sticking points, according to a person familiar with the matter, were a founder-led ownership structure that left co-founders Arthur Hayes, Ben Delo and Samuel Reed with a large majority stake. The three had stepped back from day-to-day roles after U.S. criminal charges were filed in 2020. Still, they controlled the company. Buyers typically want management to stay on after a deal closes. Having founders who were no longer involved day-to-day but still held a controlling block made that hard to structure, the person said.
BitMEX's financial performance also deteriorated. The exchange lost market share throughout the sale process as trading activity migrated to larger centralized exchanges like Binance and to decentralized perpetual futures platforms. Revenue declined. Would-be acquirers did not want to pay a multiple for a shrinking business, the person said.
The exchange was reportedly seeking a valuation of around $1 billion during the process. It was not clear whether any formal bids were submitted.
BitMEX pioneered the perpetual futures contract in 2016 with its XBTUSD swap, a product that reshaped crypto derivatives trading. Perpetuals use a funding-rate mechanism to track spot prices rather than expiring on a set date. They now account for the majority of derivatives volume on Binance, Bybit and Hyperliquid.
On July 24, BitMEX said it would wind down operations after a strategic review by its parent, HDR Global Trading. New account registrations stopped immediately. The exchange plans to close on Sept. 23.
The failed sale stands out against a broader rebound in crypto dealmaking. There have been 144 crypto-related mergers and acquisitions worth $11.8 billion so far in 2026, up 3.5% from the same period last year, according to advisory firm Architect Partners. SBI Holdings agreed to buy Japanese exchange Bitbank for $289 million. Keyrock acquired BlockFills' institutional trading business.
BitMEX now faces a lawsuit alleging it withheld trader collateral and engaged in insider trading. The complaint claims that the co-founders designed the platform to keep customer collateral while shifting excess Bitcoin to an insurance fund. BitMEX did not respond to a request for comment by publication time.
Both BitMEX and Exodus did not respond to requests for comment by publication time.
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