BitMEX parent company restructuring: future will explore non-crypto business

HDR Global Trading, the parent company of BitMEX, a crypto trading venue, announced on Tuesday evening that it will reorganize and create a new holding company to take over the company’s existing business.

The press release stated that the entity, known as the 100x Group, will “pursue a broader vision and reshape the modern Crypto financial system into an inclusive and empowering system.”

“100x will become the holding structure of HDR and all its other assets, including the BitMEX platform.”

BitMEX is known as a pioneer in the Bitcoin derivatives market. As a pioneer in the bitcoin perpetual swap market, BitMEX has ceded market share to competitors in recent months, but the daily transaction volume still frequently exceeds $1 billion.


Some market participants interpreted this reorganization as a potential signal that the new company led by BitMEX co-founder Arthur Hayes will explore new products outside the crypto market, including foreign exchange.

A crypto trading veteran said that if the new entity develops products such as “contracts for difference (CFD)”, he will not be surprised.

The company’s communications director Greg Dwyer said that it is too early to comment on the specific goals of 100x, but the company may be involved in non-crypto business at some point in the future.

Hayes wrote in a blog post, “100x will become the new holding structure of HDR Global Trading and all our other assets (including the BitMEX platform). This development will provide us with more freedom to explore, incubate and pursue new opportunities and Investment, while continuing to work to improve BitMEX’s leadership. After the establishment of 100x Group, BitMEX’s platform, brand and legal structure remain unchanged, but we will continue to double BitMEX’s growth rate through continuous product innovation and technological progress. BitMEX It is and will continue to be the cornerstone of our success.”

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