Bybit is one of the world's largest cryptocurrency derivatives exchanges, founded in 2018 and incorporated in the British Virgin Islands. The company runs its operations primarily from Dubai, where it relocated after regulatory pressure mounted in several Asian markets. Bybit grew rapidly on the strength of its perpetual futures products, and by 2024 it had accumulated over 40 million registered users, making it a consistent top-three exchange by derivatives volume alongside Binance and OKX.
As an investor, Bybit operates through Bybit Ventures, a strategic arm that backs early-stage Web3 projects with a focus on areas that feed its core exchange business: trading infrastructure, DeFi protocols, Web3 gaming, and wallet tooling. The fund is modest in size compared to peers – Binance Labs and OKX Ventures each manage hundreds of millions in committed capital – and Bybit has not disclosed its AUM publicly. With eight known portfolio companies and one lead investment on record, Bybit Ventures operates more as a strategic balance-sheet investor than a full-scale venture franchise.
Notable investments
Public information about specific portfolio companies backed by Bybit Ventures is limited. The firm has participated in fundraising rounds for Web3 gaming studios and DeFi infrastructure projects, often co-investing alongside other exchange-affiliated funds. Bybit's Launchpad programme – a separate token sale mechanism for retail users – has featured projects including Mantle and several perpetual DEX protocols, though launchpad listings do not necessarily represent equity or token investments by the exchange itself. The one recorded lead investment has not been publicly named in major filings or press releases as of early 2026.
Team
Ben Zhou is co-founder and CEO of Bybit. Before founding the exchange, Zhou served as VP of Sales and Marketing at XM Group, a global forex and CFD broker, giving him a background in retail derivatives rather than venture capital. The rest of Bybit's leadership team – covering product, compliance, and operations – has not been prominently named in connection with the Ventures arm. Public information about the investment team's composition and backgrounds is limited.
Recent activity
February 2025 brought the most consequential event in Bybit's history: a hack attributed to North Korea's Lazarus Group drained approximately $1.5 billion in ETH from the exchange's cold wallet – the largest single crypto theft on record. Bybit covered losses from its own reserves and emergency loans, avoiding a solvency crisis. The incident drew intense scrutiny of its custody practices. On the regulatory front, Bybit secured licences in several jurisdictions including Kazakhstan and the UAE, while remaining restricted in the United States.
Bybit's investment activity is secondary to its exchange business and is unlikely to scale significantly until the aftermath of the 2025 hack is fully absorbed. The firm's strategic interest remains tightly connected to projects that can drive trading volume or improve on-chain user retention. Investors looking for aggressive Web3 venture exposure would find better-resourced alternatives in Binance Labs or Animoca Brands. Bybit Ventures is best understood as a business-development tool rather than a standalone investment franchise.
