FALLSTUDIE | Warum die Eigentümerstruktur und der rechtliche Ballast dieser großen Börse potenzielle B... abschreckten

BitcoinKE · 2026-08-08T05:53:03.000Z

Die Krypto-Derivatebörse BitMEX fand keinen Käufer, nachdem potenzielle Erwerber – darunter die Zahlungsplattform Exodus – Bedenken hinsichtlich ihrer Gründergeführte Eigentümerstruktur, rückläufiges Geschäft und anhaltende Reputationsprobleme, laut einer mit den Vorgängen vertrauten Person. BitMEX prüfte rund zwei Jahre lang einen Verkauf, wobei die Investmentbank Broadhaven das auf den Seychellen ansässige Unternehmen beriet. Seine Mitgründer Arthur Hayes, Ben Delo und Samuel Reed kontrollierten weiterhin einen Großteil des Unternehmens, obwohl sie nach US-strafrechtlichen Anklagen im Jahr 2020 das Management verließen, wie die Quelle sagte.

Crypto derivatives exchange, BitMEX, failed to find a buyer after potential acquirers, including payments platform, Exodus, raised concerns about its
founder-led ownership structure,
declining business, and
lingering reputational issues,
according to a person familiar with the matter.
BitMEX spent about two years exploring a sale, with investment bank, Broadhaven, advising the Seychelles-based company. Its co-founders Arthur Hayes, Ben Delo and Samuel Reed still controlled a large majority of the company despite stepping away from management after U.S. criminal charges in 2020, the source said.
The ownership structure complicated negotiations because buyers typically seek to retain management through acquisition incentives, the person said.
BitMEX also continued to lose market share as trading activity shifted toward larger centralized exchanges and decentralized derivatives platforms making it harder to justify the growth valuation sought by the company.
 
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BitMEX, which pioneered crypto perpetual futures, subsequently announced plans to wind down operations on September 23 2026 after an 11-year run.
 
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Lessons
The collapse also highlights the importance of ownership and governance structures in crypto businesses, particularly when founders retain significant control after stepping away from day-to-day operations. A clean separation between founders, management and shareholders can make a company easier to govern, finance and ultimately sell, while reducing uncertainty for prospective buyers.
Regulatory compliance is equally important.
Building a crypto exchange around robust licensing, governance, risk controls and transparent ownership can preserve strategic options as the business matures. For exchanges operating across multiple jurisdictions, regulatory shortcomings or unresolved legal issues can become liabilities during a sale, potentially narrowing the pool of buyers just as declining volumes put additional pressure on valuations.
The BitMEX case shows that building a successful trading platform is only one part of creating a durable financial business. Strong corporate governance, regulatory compliance and a structure that can accommodate new investors or owners can be as important to preserving value as trading volumes and market share.
 
 
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