BitMEX spent roughly two years sounding out potential buyers — including rival exchanges and payments platform Exodus — before it announced plans to wind down operations, yet no deal was ever reached, CoinDesk reported, citing people familiar with the matter. Prospective acquirers balked at the exchange's founder-dominated ownership structure, its shrinking business and lingering reputational problems. The company had hired investment bank Broadhaven to run the sale process from early 2025, the report said. Co-founders Arthur Hayes, Ben Delo and Samuel Reed stepped back from day-to-day operations years ago after facing US criminal charges in 2020, but the three still controlled the vast majority of BitMEX's equity. That arrangement unsettled some buyers and made negotiations harder, since acquirers typically want part of their purchase consideration tied to management staying on after closing. BitMEX also kept losing market share during the sale process, as trading volume drifted to larger centralized exchanges and decentralized perpetuals platforms. The steady erosion left potential buyers unwilling to pay the revenue multiples normally reserved for growing businesses.
BitMEX talked with multiple potential buyers, including rival exchanges and payments platform Exodus, for roughly two years before it announced plans to shut down — yet none of those discussions produced a deal, according to CoinDesk, citing people familiar with the matter.
Prospective acquirers were put off by the founder-led ownership structure, the exchange's steadily shrinking business and reputational baggage left over from earlier years, the sources said.
Founders Still Hold the Bulk of Equity
BitMEX had hired investment bank Broadhaven to run the sale process from early 2025, the report said. Co-founders Arthur Hayes, Ben Delo and Samuel Reed had long exited day-to-day operations after facing US criminal charges in 2020, but the three men still control the overwhelming majority of the company's equity. That made some buyers uneasy and complicated negotiations, since acquirers typically expect part of their purchase consideration to be tied to management remaining in place after the deal closes.
Market Share Loss Weighed on Valuation
During the sale process, BitMEX also kept ceding market share as trading activity shifted to larger centralized exchanges and decentralized perpetual contracts platforms. That steady erosion left potential buyers unwilling to pay the revenue multiples normally granted to growth-stage companies.
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