By cryptoadmin Before once-popular crypto exchange BitMEX announced plans to wind down operations, it spent two years exploring a sale with multiple prospective buyers including competitor exchanges and payments platform Exodus, but failed to clinch a deal, according to a person familiar with the matter.
The would-be acquirers, the person said, were put off by the company's founder-led ownership structure, its shrinking business, and lingering reputational issues.
CoinDesk reported in early 2025 that investment bank Broadhaven was advising the Seychelles-based company on a sale process.
Although co-founders Arthur Hayes, Ben Delo and Samuel Reed had long since stepped away from the business after U.S. criminal charges were brought against them in 2020, one prospective buyer was uncomfortable that they still controlled a large majority of the company, the person said, who spoke on condition of anonymity as the matter is private.
That made negotiations harder because buyers typically want part of the acquisition payout to encourage executives to stay with the company after the deal closes.
The company's deteriorating financial performance compounded these concerns. BitMEX continued to lose market share throughout the sale process as trading activity migrated to larger centralized exchanges and decentralized perpetual futures platforms. This made potential acquirers reluctant to pay the revenue multiple typically reserved for growing businesses, the person said.
Both and BitMEX and Exodus did not respond to requests for comment by publication time.
The exchange was reportedly seeking a valuation of around $1 billion during the process, although it is unclear whether formal bids were ever submitted.
BitMEX was one of crypto's most influential exchanges, pioneering the perpetual futures contract in 2016 with the launch of its XBTUSD perpetual swap. Unlike traditional futures, perpetuals have no expiry date and instead use a funding-rate mechanism to keep prices aligned with the underlying asset, allowing traders to maintain leveraged long or short positions indefinitely.
The product revolutionized crypto derivatives trading, was rapidly adopted across the industry, and today accounts for the vast majority of crypto derivatives volume on other exchanges such as Binance, Bybit and Hyperliquid.
The company announced on July 24 that it would wind down operations following a strategic review by its parent, HDR Global Trading, and immediately halting new account registrations ahead of its planned Sept. 23 closure.