Crypto derivatives platform BitMEX is on sale, according to sources familiar with the matter.
Reports that the trading platform is seeking a buyer claim that BitMEX has enlisted the services of Broadhaven Capital Partners to help seal a deal. Broadhaven Capital Partners is an investment banking provider that offers strategic and financial services solutions.
According to sources, BitMEX is eyeing Broadhaven Capital’s input to get a buyer, per crypto publication CoinDesk, which reported on this development on Thursday, Feb. 27.
Two people privy to the plans, the report stated, say BitMEX appointed Broadhaven Capital Partners in late 2024.
While BitMEX, founded in 2014, reportedly looks for a new owner, a number of other deals in the space suggests rivals are bidding for further dominance. Some of the top merger and acquisition developments in the space include the tug of war between Coinbase and Kraken for the right to takeover derivatives platform Deribit.
Deribit is the world’s leading trading platform for Bitcoin (BTC) and Ethereum (ETH) options. The Dubai-based platform has recently revealed its plans to expand its services and products to Hong Kong.
Meanwhile, the quest for traction in the derivatives market has seen prime brokerage firm FalconX snap up trading firm Arbelos Markets. FalconX’s deal for the platform earlier this year is part of the company’s expansion in the derivatives market.
Reports of BitMEX’s plans for a buyer come just over a month after a U.S. judge ordered the exchange to pay a $100 million fine over anti-money laundering violations. The exchange and its founders pleaded guilty to the charges in 2022 and had paid another $110 million. Another guilty plea came in July 2024.
Charges stem from a 2020 indictment that saw Arthur Hayes resign as chief executive officer of BitMEX. The U.S. Department of Justice had filed criminal charges against Hayes and his BitMEX co-founders Ben Delo and Samuel Reed.
Authorities alleged the derivatives platform has ignored anti-money laundering laws in the pursuit of revenue.
