FTX to Sell Cryptocurrency Derivatives Platform LedgerX to Miami International Holdings for $50M

FTX, a bankrupt crypto exchange, has agreed to sell its cryptocurrency derivatives platform LedgerX to Miami International Holdings for $50 million.

The sale is still subject to customary closing conditions, including approval from US regulators.

The deal is expected to be approved during a sale hearing scheduled for May 4.

According to FTX’s Director of Restructuring, John Ray, the sale of the platform is a significant step in the company’s efforts to monetize assets to address its stakeholders’ needs.

LedgerX was founded by former Goldman Sachs trader Paul Chou in 2012 and began providing bitcoin derivatives trading services to institutional investors in 2017 with permission from the US Commodity Futures Trading Commission (CFTC).

FTX acquired the platform in 2021, but filed a request to sell LedgerX and other companies in its portfolio in December 2022.

Lawyers for FTX argued that the platform is entirely independent of FTX investments, has a separate management team, and maintains separate customer accounts.

Miami International Holdings, the owner of the Miami International Securities Exchange (MIAX), will acquire LedgerX in the deal.

MIAX is ranked 14th among the world’s largest derivatives exchanges, according to its website.

Additionally, Tribe is reportedly considering a $250 million fundraising campaign to restart the crashed FTX exchange, with plans to finance at least $100 million on its own and attract its own partners.