BitMEX Sale Falls Through Amid Ownership Structure Concerns

Crypto derivatives exchange BitMEX spent about two years exploring a sale but failed to find a buyer due to concerns over its founder-led ownership structure, declining business, and lingering reputational issues.

The Seychelles-based company's co-founders Arthur Hayes, Ben Delo, and Samuel Reed still controlled a large majority of the company despite stepping away from management after U.S. criminal charges in 2020.

This ownership structure complicated negotiations because buyers typically seek to retain management through acquisition incentives, according to a person familiar with the matter.