TechFlow news: FTX's debtors have agreed to sell derivatives exchange LedgerX to M7 Holdings, a subsidiary of Miami International Holdings, for approximately $50 million. The transaction still requires approval from the U.S. Bankruptcy Court overseeing FTX's bankruptcy proceedings. A hearing to confirm the sale is scheduled for May 4.
Earlier this year, FTX received court approval to sell business units in order to raise funds for creditors, including plans to sell its subsidiaries Embed Financial Technologies, FTX Japan, and FTX Europe. According to a legal filing from early this year, around 117 companies expressed interest in purchasing FTX's subsidiaries.
As previously reported on April 11, FTX creditors tweeted, citing disclosure documents, that the auction for FTX Japan was canceled because the company plans to restart operations. The documents stated, "Japan provided updates on next steps toward potentially reopening the exchange, followed up on actions required to relaunch trading, and offered guidance accordingly."
