2026年99家加密公司倒闭，BitMEX等巨头关停

99 crypto companies are dead in 2026. Bitmax, the exchange that literally invented the crypto perpetual swap, is switching the lights off in September after 11 years. And crypto rank data suggests several billion dollars of venture funding for crypto projects of all sorts is buried in that graveyard with them. Now, almost everyone is reading this as the bare market getting worse. But actually at this stage that's the totally wrong way of looking at it.

Because if you look at the causes of death of these crypto operations one by one, you find something really interesting. When it comes down to it, these are businesses that simply ran out of customers or ran out of runway. Easy money stopped flowing and everything that only existed because of easy money is getting cleared out of the market. So today we're going to look at what actually killed these companies. why this bare market looks so different to the 2022 bare market and why this is all just part of a completely standard bottoming process.

My name is Lewis and this is the Coin Bureau. Now, let's start with the biggest name on the list, BitMX. On July 23rd, HDR Global Trading announced it was winding the exchange down with full closure on September 23rd, 2026. From August 26th, users go reduce only and anything still open on the final day gets liquidated automatically. But when you read the announcements, you notice that there is no shocking detail, no insolveny, no hack.

Assets exceed liabilities and withdrawals are open and functioning smoothly. This is the exchange that gave the industry the perpetual swap, the single most traded product in all of crypto. But by the time it announced its own funeral, daily volume had reportedly withered to around $400,000. That's under 0.01% of the market. Binance ate the top, Hyperliquid ate the bottom, and the product BitMX invented became so commoditized that inventing just didn't count for much at all.

And sure enough, the BMX token fell over 90% on the news. But Bitmax isn't alone. We also have storage, which filed a chapter 11 bankruptcy on July 26th. But there is a bit of a difference here. The decentralized storage network is still running, still serving customers. What killed the parent company was legacy debt from its 2024 acquisition of a GPU firm called Valdi. A company that raised roughly $35 million total, taken down by liabilities somewhere between 1 million and 10 million.

Now, for what it's worth, I should mention that there is a restructuring plan which proposes handing equity in the reorganized company to management, investors, and storage to holders. But in any case, this is another case of a big crypto name winding down. Then we have the regulatory casualties. Ascend EX shut its doors on July 1st, the exact day Mika came into full force in the EU after failing to secure authorization and watching a liquidity deal fall through.

At the same time, EXMO was designated by the UK's foreign office on May 26th over alleged Russia linked flows which paralyzed its banking and custody rails. Its windown came on July 14th. 29% of user funds unavailable, partly frozen by third parties under those sanctions and partly never recovered from a hot wallet hack back in December of 2020. So, that one's a mix. government freezes stacked on top of an old theft that wasn't cleaned up.

But still, another one bites the dust. Then we have Movement Labs, which filed Chapter 11 in Delaware on July 15th, having raised $141 million with the move token down over 99% from its high. And then there's the runway cohort. Odos shut down July 30th. Dango, whose L1 goes fully offline on August 13th, killed by a $3.6 $6 million seed round meeting a $1.9 million exploit. Leap Wallet discontinued and one of the most bizarre ones, Entropy, the custody startup that raised around $27 million and in January handed what was left back to its investors rather than burn it pretending.

Refreshingly honest, though. Now, let's step back and consider all of the names that I just went through. Not one of those is a matter of missing customer funds or some other major scandal. And that's the difference between now and the last bare market because 2022 was very different. It was a series of massive frauds. FDX, for example, was in major crime mode with rehypothecated collateral and a secret trading and borrowing exception for Alamita.

Celsius was telling depositors their money was insured while funneling it into unsecured loans. and Alex Masinski is now serving 12 years for it. One failure detonated the next and the shrap metal took out Silvergate and Signature and creditors waited years. Now, to be fair, those estates have actually recovered better than anyone expected with many creditors receiving their claims in full. But the craziness of the fraud and market wipeout is what's important here. 2022 was contagion.

Inter balance sheets pulling each other into the hole. In contrast, 2026 is closer to rationalization. Independent companies individually unprofitable, closing in an orderly fashion with the withdrawal button still working. They simply had no fee revenue, couldn't afford compliance, and the cheap capital dried up. Now, there is one messy case worth mentioning, and its name is BitMart. On July 26th, BitMart announced its own windown, trading ending August 26th, full closure by January 31st, 2027.

But reports suggest only 63 withdrawals were processed in the first 24 hours with nothing over $25,000 going through. Global CEO Ntor Chow says he was terminated on July 24th, 2 days before the announcement, and found out about the shutdown the same way you did. He publicly criticized the whole process, saying he was cut out of the decision entirely. And sitting underneath all of it is a roughly $196 million hot wallet hack from December 2021 that was never fully resolved with no comprehensive proof of reserves published before the shutdown.

But nevertheless, BitMart is the exception here. One ugly case out of 99 does not make a systemic crisis. But you can only be confident in that if you're analyzing the reserves, the filings, and the revenue every single week. And if that sounds daunting or you simply don't have 16 hours a day to sit glued at a screen, we've made it a lot easier because right here on YouTube, you can now access the new Coin Bureau Club light plan.

You'll get direct market updates across both crypto and tradi. Our teams read on the best opportunities and curated updates with only the bits that actually matter. Just tap that join button below this video to get started. And now let's get back to the wreckage because the second wave of force selling comes from the companies that spent 2 years telling you that they would never sell those digital asset treasury companies or DATs.

Now just in case you're not aware of how these things are structured, I'll run through it very quickly for you. A treasury company trades at some multiple of the coins that it owns. That's called MNAV. Above one, the market values the company at more than its stack. So issuing new shares to buy more coins actually adds value per share. Money in, coins in, share price up. Repeat the process. Below one though, the whole thing runs backwards.

Issuing shares now destroys value. So the buying typically stops. And when the buying stops, the only thing left is the coins. strategy used to trade between 2.5 and even four times its Bitcoin. It's now hovering between 0.77 and 1.01. While the company holds about $843,000 BTC at an average cost basis of roughly $75,000 in Q2 alone, that produced an 8.32 billion loss on digital assets, of which $ 8.31 billion was unrealized, flowing straight through net income.

The stock is down 37% year-to date as I make this video. But then came the part nobody thought that they'd actually see. In late May, Strategy sold only 32 Bitcoin, but it was its first sale in four years. And then between June 29th and July 5th, it sold another 3,588 Bitcoin for $216 million to

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