BitMEX Pursued Sale for Two Years Ahead of Sept. 23 Shutdown, CoinDesk Says
Summary
- BitMEX spent the past two years pursuing a sale ahead of the exchange’s shutdown at 1 p.m. on Sept. 23, but no deal was completed.
- BitMEX held talks with rival exchanges and crypto payments platform Exodus while seeking a valuation of about $1 billion.
- The founders’ large shareholdings, reputational damage from past criminal charges and slowing growth were obstacles to a sale.
Forecast Trend Report by Period
BitMEX spent the past two years exploring a sale ahead of the exchange’s planned shutdown at 1 p.m. Korea time on Sept. 23, but no deal was reached, CoinDesk reported on August 7.
The exchange held talks with potential buyers including rival exchanges and crypto payments platform Exodus. It was seeking a valuation of about $1 billion in the sale process, according to the report.
Major founder shareholdings, reputational damage tied to past criminal charges and slowing growth hampered the sale effort.
An industry official said potential buyers were wary that co-founders Arthur Hayes, Ben Delo and Samuel Reed still hold significant stakes even after stepping back from management following criminal charges in the US in 2020. It was not clear whether any formal acquisition offer was submitted.
JH Kim
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