MIAX finalizes the acquisition of LedgerX
LedgerX has been successfully acquired for $50 million from the insolvent cryptocurrency exchange FTX and its creditors by Miami International Holdings (MIH), a US-based exchange conglomerate. FTX founder Samuel Bankman-Fried’s former empire LedgerX is a crypto derivatives platform and one of the few financially sound divisions.
Last month, FTX and its debtors announced the sale of LedgerX to M7 Holdings, a partner of MIH. After FTX’s bankruptcy in November of last year, the company requested approval to sell LedgerX as well as its three other subsidiaries, FTX Europe, FTX Japan, and the stock-clearing platform Embed.
In January, the insolvent cryptocurrency exchange obtained approval from the court to sell LedgerX and the other divisions. Despite being autonomous and having minimal exposure to the failing parent business FTX International, the four subsidiaries have faced regulatory challenges. The other subsidiaries are still up for grabs.
Currently, MIH, a conglomerate, runs a number of greenmarkets, including options exchanges, the Miami International Securities Exchange (MIAX), MIAX Pearl, and MIAX Emerald. The business also operates the Bermuda Stock Exchange, the Minneapolis Grain Exchange, and Dorman Trading, a provider of futures commission merchant, execution, and clearing services.
LedgerX is MIH’s entry into the cryptocurrency trading space. LedgerX is governed by the US Commodity Futures Trading Commission as an exchange for options and futures contracts, a clearinghouse, and a platform for trading swaps.
Speaking on this, the CEO of Miami International Holdings, Thomas Gallagher, disclosed that Ledger’s acquisition is a key step to the company’s growth strategy, expanding their capacity to provide new and innovative products to the swaps and futures industry.
Ledger Holdings, the parent organization of LedgerX, was acquired by FTX in 2021 through its American subsidiary, FTX US, for an estimated $298 million. Later, the United States derivatives platform was renamed as FTX.
John J. Ray III, the Chief Executive who took over FTX in December last year to support its restructuring, has previously revealed that the sale of LedgerX to MIH was an example of their determined efforts to monetize assets and deliver recoveries to stakeholders.
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