What to know:
- BitMEX sale talks collapsed as buyers rejected the exchange’s $1 billion valuation amid declining market share.
- Founders retain majority control despite departures, while concerns over leadership, performance, and reputation complicated negotiations.
- BitMEX will close September 23, with market impact limited below 0.01% derivatives market share.
BitMEX’s planned shutdown follows a failed two-year effort to sell the crypto derivatives exchange, with prospective buyers including rival platforms and payments company Exodus walking away.
There were competing exchanges and the payment service company Exodus that pulled out of the bid for BitMEX due to concerns regarding the founder control, underperformance, and reputation.
BitMEX hired investment bank Broadhaven Capital Partners in late 2024 to advise on the sale, publicly reported in February 2025. Even though co-founders Arthur Hayes, Ben Delo, and Samuel Reed have left their jobs after being accused in criminal cases, they still own the majority control of BitMEX, which, according to the source, is seen negatively by at least one buyer.
The exchange was reportedly seeking a valuation of roughly $1 billion during the process, but it is unclear whether formal offers were actually filed.
Also Read | Prediction Markets Face New CFTC Rules and State Legal Pressure
BitMEX’s Perpetual Futures Legacy
Even though now BitMEX faces its decline, the exchange is known as the pioneer of perpetual futures. The exchange launched XBTUSD perpetual swap in 2016, and since then, it became popular. Unlike traditional futures contracts with specific expiration dates, the perpetual contracts are non-expiring and use funding rates for aligning prices.
It became widely spread in the crypto-derivatives market with similar instruments created by such platforms as Binance, Bybit, and Hyperliquid.
At the same time, BitMEX’s failed deal is in sharp contrast to the active crypto deals elsewhere. According to Architect Partners, in 2026 through the relevant period there were 144 deals of the digital asset M&A with total value of $11.8 billion, which is 3.5% more than the year before.
Recent transactions include SBI Holdings’ planned Bitbank acquisition and Bullish’s $4.2 billion Equiniti deal, underscoring continued strategic demand.
Closure Adds Legal and Market Risks
BitMEX announced on July 23 that HDR Global Trading would close the exchange on September 23 after a review, while stopping new registrations. The company has urged users to close positions and withdraw assets before closure. Market impact is expected to remain limited because the crypto exchange represents less than 0.01% market share.
The wind-down also coincides with a lawsuit alleging BitMEX withheld customer collateral and engaged in insider trading, with plaintiffs claiming losses totaling 622.66 BTC. The allegations remain unproven. For users, the priority is position closure, asset withdrawal and record preservation.
Also Read | ATOM Price Targets $1.15 as Cosmos Expands Institutional Tokenization
Be the first to comment