WILMINGTON, DELAWARE — Miami International Holdings Inc., the owner of MIAX, a major options exchange in the United States, is set to acquire LedgerX, a crypto-derivatives platform, from FTX for approximately $50 million.
This move comes as MIAX aims to establish a stronger foothold in the rapidly evolving world of cryptocurrencies.
LedgerX has been one of the few profitable entities within the previous business empire of Sam Bankman-Fried.
Its acquisition by MIAX would provide the exchange with a fully licensed platform for offering crypto-based financial products and services to a wider market.
“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,” said John J. Ray III, Chief Executive Officer and Chief Restructuring Officer of the FTX Debtors.
The total proceeds to the FTX Debtors resulting from the transactions is expected to be approximately $50 million.
The transaction is subject to customary closing conditions, including approval of the U.S. Bankruptcy Court. A sale hearing to approve the transaction is currently scheduled for May 4, 2023.
U.S. Bankruptcy Court filings and other documents related to the court proceedings, including copies of the agreement, once available, are available at https://cases.ra.kroll.com/FTX/.