Special Content
Home Blockchain MIAX completes acquisition of FTX subsidiary LedgerX

MIAX completes acquisition of FTX subsidiary LedgerX

152 Views
MIAX completes acquisition of FTX subsidiary LedgerX

The deal was announced in April and approved by the bankruptcy judge on May 4.

Join us on social networks

The Miami International Securities Exchange (MIAX), owned by Miami International Holdings, has completed the acquisition of LedgerX, which was one of the FTX assets court-approved for sale in January. LedgerX is an exchange and clearinghouse regulated by the United States Commodity Futures Trading Commission (CFTC). 

The acquisition of LedgerX was “an important part of our growth strategy, expanding our ability to offer new and innovative products to the swaps and futures industry,” CEO of Miami International Holdings (MIH) Thomas Gallagher said in a statement. MIAX is one of a suite of financial companies owned by MIH.

Leslie Lamb, the CEO of OPNX, the cryptocurrency exchange founded by Three Arrows Capital (3AC) founders Kyle Davies and Su Zhu and Coinflex, claimed MIAX was an investor in that firm as well in an April 21 tweet.

The parties entered into a purchase agreement for MIAX’s acquisition of LedgerX in April, pending court approval. FTX said at the time that proceeds from the sale should reach around $50 million. Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware approved the deal on May 4.

Related: CFTC Chairman Rostin Behnam cites LedgerX as success story amid FTX collapse

LedgerX was approved for sale in January by the Delaware court, along with stock-trading platform Embed, FTX Japan and FTX Europe. About 117 prospective buyers expressed interest in the assets, with 56 of them looking at LedgerX in particular. A spokesman for OKC USA, another bidder for LedgerX, said that company might seek “appropriate relief” for “not true” statements in a declaration filed in relation to the sale, but it did not object to the sale.

FTX filed a suit against former CEO Sam Bankman-Fried, co-founder Gary Wang and former engineering director Nishad Singh on May 17 for failing to perform due diligence when acquiring Embed. FTX paid $220 million for the company when the deal closed in September. The highest bid received for it after the FTX bankruptcy was $1 million. FTX filed suit to claw back more than $240 million from Embed CEO Michael Giles and other on the same day.

Magazine: ‘Ethical’ SBF game axed, Web3 games sign-up process sucks, Tomb Chaser: Web3 Gamer