BitMEX Seeks Closure After Two-Year Sale Saga Ends Without Deal

BitMEX's parent company, HDR Global Trading, has decided to shut down the crypto derivatives exchange after two years of seeking a buyer. The exchange explored sale talks with multiple potential acquirers, including rival exchanges and payment and wallet company Exodus.

The negotiations were complicated by founder control, declining revenue, and reputation concerns. BitMEX's co-founders, Arthur Hayes, Ben Delo, and Samuel Reed, left management in 2020 after US authorities filed criminal charges against them. However, they retained control of a large majority of the company's equity.

The exchange was seeking a valuation of around $1 billion during the process. Despite this, BitMEX continued to lose trading activity, with monthly futures volume declining from over $100 billion in 2021 to between $25 and $30 billion in late 2024.