Acquisition of FTX Subsidiary LedgerX Completed by MIAX

• Thomas said that purchasing LedgerX was a key component of their development plan.
• MIH owns a group of financial institutions, one of which is MIAX.

LedgerX, one of the FTX assets that were court-approved for sale in January, has been acquired by the Miami International Securities Exchange (MIAX), operated by Miami International Holdings (MIH). U.S. government agencies oversee LedgerX since it is an exchange and clearinghouse.

In a statement, MIH CEO Thomas Gallagher said that purchasing LedgerX was a key component of their development plan since it increased its capacity to provide cutting-edge solutions to the swaps and futures markets. MIH owns a group of financial institutions, one of which is MIAX.

Sale Concludes Post Judge Approval

On April 21, the CEO of Open Exchange (OPNX), which was created by Three Arrows Capital’s Kyle Davies and Su Zhu and CoinFlex, tweeted that MIAX was also an investor in OPNX.

In April, the two companies agreed to a purchase agreement for the potential acquisition of LedgerX by MIAX. At the time, FTX estimated that the sale’s total revenue would be roughly $50 million. On May 4, the agreement was authorized by Judge John Dorsey of the United States Bankruptcy Court for the District of Delaware.

In January, the Delaware court authorized the sale of LedgerX, Embed, FTX Japan, and FTX Europe. There were around 117 interested parties, with 56 of them focusing specifically on LedgerX among the assets.

OKC USA, another prospective purchaser of LedgerX, has indicated that it may seek “appropriate relief” for “not true” representations in a declaration submitted in connection with the transaction, although it does not oppose the sale.

On May 17, FTX sued former CEO Sam Bankman-Fried, co-founder Gary Wang, and former engineering director Nishad Singh for breaching their fiduciary duty when they acquired Embed.