BitMEX's proposed sale ended without a buyer, and the exchange said it will cease operations after a strategic review, with new account registrations halted ahead of a planned September 23 closure.

Founded in 2016, BitMEX became a leading provider of perpetual futures contracts, but its market share has eroded as trading migrated to larger exchanges and decentralized platforms, and the 2020 U.S. criminal charges against its co‑founders left a lingering reputational stain.

During a two‑year search, the exchange considered offers from competing crypto platforms and payments firm Exodus, but no formal bids were received, according to a person familiar with the discussions. Buyers cited the continued majority ownership by founder Arthur Hayes and the other co‑founders, as well as the company’s shrinking revenue base, as deterrents. The deteriorating financial results made it difficult to justify a valuation near $1 billion, the source said, and trading activity had fallen as customers shifted to Binance, Bybit and other venues. Both BitMEX and Exodus declined to comment when asked for a response.

The failed transaction follows a broader resurgence in crypto dealmaking, with several acquisitions announced in 2026, yet BitMEX’s legal challenges and impending shutdown leave its future uncertain.