FTX to sell LedgerX for $50 million to Miami International Holdings affiliate
Bankrupt crypto exchange FTX has inked a purchase agreement deal with an affiliate of Miami International Holdings to sell digital currency futures and options exchange and clearinghouse LedgerX for $50 million.
FTX has agreed with M7 Holdings, an affiliate of Miami International Holdings, to sell LedgeX as part of bankruptcy proceedings. The expected proceeds from the transaction are approximately $50 million, as stated in a press release.
FTX.US bought LedgerX, a digital currency futures and options exchange and clearinghouse regulated by the Commodity Futures Trading Commission (CFTC), in August 2021, with the acquisition finalized in October 2021. While LedgerX was under FTX, the derivatives trading platform operated as an independent subsidiary.
As previously reported by crypto.news, FTX got the green light in January 2023 to auction four business units, including Embed Clearing and LedgerX. Although M7 Holdings won the bid to purchase the derivatives exchange, the deal is subject to approval from the US bankruptcy court, with a sale hearing slated for May 4.
Miami International Holdings is a global exchange operator with several US exchanges and the Bermuda Stock Exchange.
“We are pleased to reach this agreement with MIH, which is an example of our continuing efforts to monetize assets to deliver recoveries to stakeholders.”FTX CEO and Chief Restructuring Officer of the FTX Debtors, John J. Ray III
Meanwhile, FTX lawyers recently stated that the crypto exchange has already recovered $7.3 billion worth of assets since it collapsed and filed for bankruptcy in November 2022. The attorneys also said that FTX is mulling resuming operations sometime in Q2 2023.