BitMEX spent two years seeking buyer before shutdown 
BitMEX reportedly spent two years seeking a buyer before deciding to close the crypto derivatives exchange, as founder control, declining activity and legal baggage deterred potential acquirers. BitMEX explored a sale with several potential acquirers over approximately two years but failed to secure an agreement, CoinDesk reported, citing a person familiar with the private discussions. 
According to CoinDesk’s source, the structure concerned at least one prospective buyer and made negotiations more difficult. Acquirers often reserve part of a transaction’s consideration for current managers, giving executives an incentive to remain with the business after a takeover.
BitMEX was said to be seeking a valuation of approximately $1 billion. However, it remains unclear whether any interested company submitted a formal bid. The reported sale attempt ended without a deal before BitMEX’s parent company, HDR Global Trading, completed a strategic review and approved the exchange’s closure.
