FTX to Sell LedgerX for $50 Million to Miami Exchange Owner

The FTX debtors have finalized a deal to sell crypto derivatives exchange LedgerX to the winning bidder of a bankruptcy auction.

Bankrupt crypto exchange FTX has agreed to sell its derivatives platform LedgerX to an affiliate of Miami International Holdings (MIH). 

In a Tuesday press release, the FTX debtors announced that it had entered into a purchase agreement with M7 Holdings, an affiliate of MIH, following the conclusion of a bankruptcy auction that was postponed several times.

The FTX debtors expect the proceeds from the sale will amount to $50 million and will be finalized following approval from the U.S. bankruptcy court on May 4.

“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, CEO and restructuring head of FTX. 

MIH owns and operates several exchanges in the U.S., including the Miami International Securities Exchange (MIAX) and its affiliates. A separate press release from MIH suggests that the firm will execute the purchase of LedgerX itself, making no mention of the affiliate company M7 Holdings.

MIAX announced that it has entered into a purchase agreement to acquire LedgerX in connection with the bankruptcy proceedings involving FTX and certain of its affiliated entities. Learn more in our press release: https://t.co/VuIUBncCEn. pic.twitter.com/pBdpor67f0

— MIAX Exchange Group (@MIAXexchange) April 25, 2023

MIAX is also supposedly one of the major investors in OPNX, a new crypto and bankruptcy claims trading platform launched by the founders of Three Arrows Capital (3AC) and CoinFLEX.

“MIAX Group is the largest exchange for US equity options. They are a regulated US equities exchange and believed in our vision very early on,” said OPNX CEO Leslie Lamb in a video posted to Twitter over the weekend.

A number of companies came out and denied direct involvement with OPNX’s fundraising round earlier this week, clarifying they had only invested in CoinFLEX’s native token FLEX before the creation of the new venture. MIAX, however, has not publicly commented on the subject.