BitMEX Sale Fails After Two Years Due to Founder Control and Declining Metrics

BitMEX closure follows failed sale talks with Exodus and rivals. Buyers deterred by founder majority ownership, reputational risks, and shrinking market share amid shifting trading volumes.

Woofun AI reports that BitMEX ceased operations after two years of unsuccessful negotiations with potential acquirers, including rival exchanges and payment platform Exodus. The exchange engaged investment bank Broadhaven in early 2025 to manage the sale process.

Sources indicate that buyers were discouraged by the founder-led ownership structure, where co-founders Arthur Hayes, Ben Delo, and Samuel Reed retained majority share control despite stepping back from management following 2020 US criminal charges. Acquirers typically prefer management retention rights, which conflicted with this structure.

Additionally, declining trading volumes and a shift toward larger centralized and decentralized perpetual platforms reduced BitMEX's market share, leading buyers to reject standard revenue multiples.