BitMEX Moves to the World’s Priciest Offices in Hong Kong

News and Analysis

Popular cryptocurrency trading platform BitMEX just rented the world’s most expensive offices, reports Bloomberg citing a Hong Kong newspaper.

Co-founded by former Citigroup Inc. trader Arthur Hayes, BitMEX leased the 45th floor of the Cheung Kong Center. The skyscraper is home to Goldman Sachs Group Inc., Barclays Plc, Bank of America Corp., the securities regulator, Bloomberg LP and billionaire Li Ka-shing’s empire, The Hong Kong Economic Times reported Wednesday, citing people it didn’t identify.

Back in January, BitMEX was in sparsely-decorated offices in a logistics and warehouse district on the other side of Hong Kong’s Victoria Harbor. Rents in the building were HK$25 ($3.18) per square foot, according to an advertisement in a nearby real estate agency.

That compares with a record HK$225 per square foot for the Cheung Kong space cited by the publication.

The company’s decision to rent an entire floor – about 20,000 square feet – is said to be spurred by its expansion plans after BitMEX earlier considered taking only half of that.

Arthur Hayes co-founded BitMEX in 2014 after he discovered there was an opportunity to make “easy money” on price differences for Bitcoin in Hong Kong and China. Today, BitMEX offers leveraged contracts bought and sold in the cryptocurrency, with the platform’s 24-hour trading volumes standing at over $3 billion, according to CoinMarketCap.

Hong Kong’s property prices have been on the rise recently. The Central district has the world’s highest office occupancy costs, according to CBRE Group Inc., which cited a survey from the first quarter. It was the third year in a row that Hong Kong had topped the survey. London’s West End was in the No. 2 spot.

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