Miami International Holdings (MIH), a US-based exchange conglomerate, has completed its $50 million acquisition of LedgerX from bankrupt cryptocurrency exchange FTX and its debtors. 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 last month announced the sale of LedgerX to M7 Holdings, a subsidiary of MIH. Following FTX’s collapse in November last year, FTX applied for permission to sell LedgerX and three other subsidiaries: FTX Japan, FTX Europe and Embed, an inventory clearing platform.
The bankrupt crypto exchange was granted permission to sell LedgerX and the other subsidiaries in January. Although the four subsidiaries are independent and have minimal exposure to bankrupt parent company FTX International, they have struggled with regulatory backlash. The other subsidiaries remain available for sale.
MIH as a conglomerate currently operates several exchanges such as options exchanges, Miami International Securities Exchange (MIAX), MIAX Pearl and MIAX Emerald. The company also operates the commodity exchange Minneapolis Grain Exchange, the Bermuda Stock Exchange and futures trader/execution and clearing service provider, Dorman Trading.
MIH enters crypto trading
With LedgerX, MIH is expanding into cryptocurrency trading. LedgerX is regulated by the United States Commodity Futures Trading Commission as an options and futures exchange, clearing house, and swap execution facility or swap 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, president and CEO of Miami. International Holdings.
FTX purchased 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 renamed FTX.US Derivatives.
In an earlier statement, John J. Ray III, the chief executive who took over the reins of FTX last year to champion its restructuring, described the sale of LedgerX to MIH as “an example of our continued efforts to monetize assets in order to provide recoveries to stakeholders.”
By early April, bankrupt FTX had recovered a total of $7.3 billion in liquid digital assets and cash. The figure has increased by $800 million since January 2023.
Miami International Holdings (MIH), a US-based exchange conglomerate, has completed its $50 million acquisition of LedgerX from bankrupt cryptocurrency exchange FTX and its debtors. 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 last month announced the sale of LedgerX to M7 Holdings, a subsidiary of MIH. Following FTX’s collapse in November last year, FTX applied for permission to sell LedgerX and three other subsidiaries: FTX Japan, FTX Europe and Embed, an inventory clearing platform.
The bankrupt crypto exchange was granted permission to sell LedgerX and the other subsidiaries in January. Although the four subsidiaries are independent and have minimal exposure to bankrupt parent company FTX International, they have struggled with regulatory backlash. The other subsidiaries remain available for sale.
MIH as a conglomerate currently operates several exchanges such as options exchanges, Miami International Securities Exchange (MIAX), MIAX Pearl and MIAX Emerald. The company also operates the commodity exchange Minneapolis Grain Exchange, the Bermuda Stock Exchange and futures trader/execution and clearing service provider, Dorman Trading.
MIH enters crypto trading
With LedgerX, MIH is expanding into cryptocurrency trading. LedgerX is regulated by the United States Commodity Futures Trading Commission as an options and futures exchange, clearing house, and swap execution facility or swap 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, president and CEO of Miami. International Holdings.
FTX purchased 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 renamed FTX.US Derivatives.
In an earlier statement, John J. Ray III, the chief executive who took over the reins of FTX last year to champion its restructuring, described the sale of LedgerX to MIH as “an example of our continued efforts to monetize assets in order to provide recoveries to stakeholders.”
By early April, bankrupt FTX had recovered a total of $7.3 billion in liquid digital assets and cash. The figure has increased by $800 million since January 2023.