TechFlow news: Miami International Holdings, Inc. (MIH) has completed the acquisition of LedgerX through its exchange subsidiary Miami International Securities Exchange (MIAX). The purchase was part of the FTX asset sale approved by the court in January.
LedgerX is a U.S. Commodity Futures Trading Commission (CFTC)-regulated exchange and clearinghouse, registered with the CFTC as a Designated Contract Market (DCM), Derivatives Clearing Organization (DCO), and Swap Execution Facility (SEF). FTX.US acquired LedgerX in August 2021.
During a congressional hearing examining the collapse of FTX, CFTC Chair Rostin Behnam stated that LedgerX was "healthy," "solvent," and "operational" compared to other FTX entities.
At a hearing held on May 4 in the U.S. Bankruptcy Court for the District of Delaware, Judge John Dorsey approved FTX debtors' April motion to sell LedgerX to MIH. FTX said the transaction would generate total proceeds of approximately $50 million.
The Delaware court approved the sale of LedgerX in January, alongside stock trading platform Embed, FTX Japan, and FTX Europe. Around 117 potential buyers expressed interest in these assets, with 56 specifically interested in LedgerX.
