Miami International Holdings (MIH), a US-based exchange firm, has finalized its $50 million acquisition of LedgerX from bankrupt cryptocurrency exchange FTX and is owed to it. LedgerX, one of the few solvent subsidiaries of the former empire of FTX founder Samuel Bankman-Fried, is a crypto derivatives platform.
FTX and its debtors announced last month the sale of LedgerX to M7 Holdings, an affiliate of MIH. In the wake of FTX’s collapse in November last year, FTX sought permission to sell LedgerX and three other subsidiaries: FTX Japan, FTX Europe, and Embed, a stock clearing platform.
The bankrupt crypto exchange received permission to sell LedgerX and other subsidiaries in January. Although the four subsidiaries are independent of and have minimal exposure to failed parent company FTX International, they have been struggling with regulatory backlash. Other affiliates remain available for sale.
MIH, as a conglomerate, operates several markets such as options exchanges, the Miami International Stock Exchange (MIAX), MIAX Pearl and MIAX Emerald. The company also operates the Minneapolis Grain Exchange Commodity Exchange, the Bermuda Stock Exchange, and futures dealer/execution and clearing services provider, Dorman Trading.
MIH is getting into cryptocurrency trading
With LedgerX, MIH is expanding into cryptocurrency trading. LedgerX is regulated by the Commodity Futures Trading Commission in the United States as an options and futures exchange, clearing house, swap execution facility or swaps trading platform.
“The acquisition of LedgerX represents an important part of our growth strategy, expanding our ability to offer new and innovative products to the swaps and futures industry,” said Thomas P. Gallagher, Chairman and CEO of Miami International Holdings.
FTX bought Ledger Holdings, the parent company of LedgerX, through its US subsidiary FTX US, in 2021 in a deal that reportedly cost $298 million. The platform was later rebranded as FTX.US Derivatives.
In an earlier statement, John J. Ray III, the CEO who took the reins of FTX last year to endorse its restructuring, called the sale of LedgerX to MIH “an example of our continued efforts to convert assets into cash to deliver refunds to owners.”
As of early April, the bankrupt FTX had recovered a total of $7.3 billion in liquid digital assets and cash. The figure has risen $800 million since January 2023.
Miami International Holdings (MIH), a US-based exchange firm, has finalized its $50 million acquisition of LedgerX from bankrupt cryptocurrency exchange FTX and is owed to it. LedgerX, one of the few solvent subsidiaries of the former empire of FTX founder Samuel Bankman-Fried, is a crypto derivatives platform.
FTX and its debtors announced last month the sale of LedgerX to M7 Holdings, an affiliate of MIH. In the wake of FTX’s collapse in November last year, FTX sought permission to sell LedgerX and three other subsidiaries: FTX Japan, FTX Europe, and Embed, a stock clearing platform.
The bankrupt crypto exchange received permission to sell LedgerX and other subsidiaries in January. Although the four subsidiaries are independent of and have minimal exposure to failed parent company FTX International, they have been struggling with regulatory backlash. Other affiliates remain available for sale.
MIH, as a conglomerate, operates several markets such as options exchanges, the Miami International Stock Exchange (MIAX), MIAX Pearl and MIAX Emerald. The company also operates the Minneapolis Grain Exchange Commodity Exchange, the Bermuda Stock Exchange, and futures dealer/execution and clearing services provider, Dorman Trading.
MIH is getting into cryptocurrency trading
With LedgerX, MIH is expanding into cryptocurrency trading. LedgerX is regulated by the Commodity Futures Trading Commission in the United States as an options and futures exchange, clearing house, swap execution facility or swaps trading platform.
“The acquisition of LedgerX represents an important part of our growth strategy, expanding our ability to offer new and innovative products to the swaps and futures industry,” said Thomas P. Gallagher, Chairman and CEO of Miami International Holdings.
FTX bought Ledger Holdings, the parent company of LedgerX, through its US subsidiary FTX US, in 2021 in a deal that reportedly cost $298 million. The platform was later rebranded as FTX.US Derivatives.
In an earlier statement, John J. Ray III, the CEO who took the reins of FTX last year to endorse its restructuring, called the sale of LedgerX to MIH “an example of our continued efforts to monetize assets to deliver refunds to owners.”
As of early April, the bankrupt FTX had recovered a total of $7.3 billion in liquid digital assets and cash. The figure has risen $800 million since January 2023.
