BitMEX Lease Some of the Most Expensive Offices in the World
BitMEX is in the process of moving its operations to Hong Kong. The workspace they will be leasing is the Cheung Kong Centeris- among the most expensive workspaces in the world.
BitMEX is currently paying over $6.9 M dollars annually for a space as big as 20K square feet, $29 per square foot monthly. Other offices in the Cheung Kong Center are leased by BoA, Barclays, Goldman Sachs, and various multi-billion dollar companies within the industry.
Risk and Reward
Some experts have argued that the leasing process holds quite a big risk for BitMEX as the market has been declining and the BTC trade price has fallen from $20 K to $6K in a few months, with other crypto showing even worse trajectories. However, BitMEX only trades derivatives via very flexible contracts, and it provides a hundred times more leveraging.
Rather than put themselves at risk, BitMEX’s process makes volatility a huge opportunity for growth. In fact, since the high volatility of crypto started in 2018, BitMEX has been aiming to make huge profits, and are growing very quickly. BitMEX’s trading volume at the moment stands at $3 billion, with some periods seeings a higher volume that can go up to $6 billion.
The announcement does not state, however, that the Hong Kong office will be the company’s HQ, which is highly unlikely as China has banned cryptocurrency tradings recently. Even though Hong Kong has seen an improvement in their crypto market, with the government banning the process, there is nothing to be done.
Even though the decision came in a peculiar location that’s not in favor of the trade, we are yet to see BitMEX’s motives behind such a step.