ChainCatcher reports, according to CoinDesk citing sources, that before announcing its shutdown, BitMEX spent two years exploring a sale with multiple potential buyers, including competing exchanges and payment platform Exodus, but ultimately failed to reach a deal. According to sources, potential acquirers were deterred by the company’s founder-led ownership structure, declining business operations, and lingering reputational issues. The company reportedly hired investment bank Broadhaven to manage the sale process in early 2025. Sources indicate that although co-founders Arthur Hayes, Ben Delo, and Samuel Reed had stepped away from operations after facing U.S. criminal charges in 2020, they still controlled the vast majority of the company’s equity, causing concern among some buyers and complicating negotiations—since buyers typically seek to secure management retention post-transaction in exchange for part of the purchase consideration. Additionally, during the sale process, BitMEX continued to lose market share as trading volume shifted toward larger centralized exchanges and decentralized perpetuals platforms, deterring potential buyers from paying the revenue multiples typically accorded to growth-oriented businesses.
BitMEX Failed to Secure a Buyer Amid Founder Control and a Shrinking Business
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Summary
BitMEX’s failed sale underscores the unfavorable risk-to-reward profile for potential buyers, amid ongoing founder control and a shrinking business. The exchange, which Broadhaven began brokering in early 2025, encountered resistance from acquirers concerned about persistent reputational damage and declining revenues. Although the co-founders stepped away from operations in 2020, they retain majority ownership, complicating acquisition efforts. As trading activity shifts toward larger exchanges and DeFi platforms, BitMEX’s market position continues to erode, further deterring potential bidders. Current market support and resistance levels now favor competitors with clearer ownership structures and stronger growth prospects.
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