BitMEX to Close September 23 as Sale Talks Collapse

BitMEX will shut down permanently on September 23, 2026, ending a two-year effort to sell the crypto derivatives exchange. HDR Global Trading, the parent company, disclosed the wind-down plan on July 24 and immediately stopped new user registrations.

Several potential acquirers walked away from negotiations. The digital payments firm Exodus was among them. A person with direct knowledge of the talks said three obstacles blocked a deal: the founders' controlling equity stake, the platform's shrinking market share, and unresolved legal liabilities.

Founders Arthur Hayes, Ben Delo, and Samuel Reed left operational roles after U.S. authorities indicted them in 2020 for violating anti-money laundering rules. Their ownership stake stayed intact, creating a structural problem. Acquirers normally structure compensation to retain management after a purchase. That approach fails when passive majority shareholders hold no operating role.

BitMEX sought roughly $1 billion in enterprise value, according to the person. It is not clear whether any formal bids approached that level. Broadhaven, an investment bank, advised on the sale.

During the sale period, the exchange bled market share. Trading volume migrated to competitors such as Binance, Bybit, and emerging decentralized perpetual platforms. The competitive weakness made it hard for sellers to demand a price consistent with a high-growth asset, the person said.