BitMEX Exploring Acquisition Opportunities
BitMEX, the renowned cryptocurrency exchange and derivatives trading platform established in 2014 by Arthur Hayes, is reportedly on the lookout for potential buyers, according to two individuals familiar with the situation. This exchange has played a pivotal role in popularizing perpetual futures, a product that has captivated the interest of leverage-seeking crypto traders.
To facilitate the sales process, BitMEX has engaged the services of Broadhaven Capital Partners, a specialized boutique investment bank, as of late last year. This move signals a strategic shift for the platform, which has faced scrutiny in the past.
Recently, there has been a notable surge in merger and acquisition (M&A) interest within the crypto derivatives sector. For instance, major players like Kraken and Coinbase are reportedly competing for ownership of Deribit, a leading crypto options exchange. Additionally, FalconX expanded its derivatives offerings earlier this year through the acquisition of Arbelos Markets.
It’s worth noting that BitMEX has had its share of controversies. In 2020, the platform faced allegations of inadequate anti-money laundering measures, which ultimately led to a guilty plea concerning these charges. As a result of the legal challenges, CEO Arthur Hayes stepped down, alongside co-founders Ben Delo and Samuel Reed, shortly after the U.S. government filed criminal charges against the trio.
As of now, both BitMEX and Broadhaven have chosen not to comment on the ongoing acquisition discussions.
