It has been announced that FTX and its borrowers have reached an agreement to sell LedgerX to a potential buyer. M7 Holdings, a subsidiary of Miami International Holdings (MIH), has won the auction to acquire crypto derivatives exchange LedgerX, according to a press release. With the acquisition of LedgerX, a subsidiary of FTX, the proceeds from the deal are expected to be $50 million. Here are the details…
Sale deal for subsidiary of sinking crypto exchange FTX
cryptocoin.com As we also reported, FTX.US acquired LedgerX’s parent company, Ledger Holdings, for $298 million in 2021. Ledger Holdings also includes crypto hedge fund LedgerPrime, which says it will return foreign capital to investors in September 2022. The sale of LedgerX comes after a turbulent auction process with multiple delays. A sales hearing was expected on April 12, according to the bankruptcy filings. However, a file on April 10 stated that “the sale hearing regarding the sale of LedgerX Business has been postponed until further notice.”
LedgerX generated $1.2 million in trading revenue. It also posted a negative EBITDA (earnings before interest, taxes, depreciation and amortization) of $17 million in 2022. “We are pleased to reach this agreement with MIH,” said John J. “This agreement is an example of our ongoing efforts to deliver gains to stakeholders.”
LedgerX has many licenses
Miami International Holdings; is a US-based stock market holding that owns stock, options and commodity exchanges. The company acquired the Minneapolis Grain Exchange (MGEX) in 2020, obtaining a commodity exchange operating license licensed by the U.S. Commodity Futures Trading Commission (CFTC). MGEX currently offers only one non-index commodity futures product. It is also “North American Hard Red Spring Wheat”. Miami’s acquisition of LedgerX will allow the company to enter the crypto business.
LedgerX has been acquired by the US subsidiary of the bankrupt crypto exchange FTX. It was then rebranded as FTX.US Derivatives. LedgerX has three licenses provided by the CFTC that allow LedgerX to list futures contracts for commodities, provide clearing services and broker futures for clients. The current sale agreement must be approved at a court hearing set for May 4, 2023.
Relationship between MIH and OPNX
A separate announcement by the buyer indicates that Miami International Holdings will handle the acquisition itself. MIH owns the Miami International Stock Exchange (MIAX). Meanwhile, on April 21, MIAX and several other companies appeared as investors of OPNX. As we reported, OPNX is seen as the successor to failed crypto firms Three Arrows Capital and CoinFLEX. But so far, many investors have denied that they invested in OPNX. Instead, they announced that they invested in a previous CoinFLEX funding round. MIAX itself did not comment on the matter. However, MIAX invested in CoinFLEX regardless of the details of the discussion. This means that MIAX and MIH clearly see opportunities in the crypto industry.
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