The Miami International Securities Exchange (MIAX), run by Miami International Holdings (MIH), has purchased LedgerX, one of the FTX assets whose sale was authorized by the court in January.
FTX Subsidiary LedgerX Acquired by MIAX / 05.20.2023
According to MIH CEO Thomas Gallagher, the acquisition of LedgerX was a critical component of their development strategy because it increased their capacity to provide cutting-edge solutions to the swaps and futures markets.
About Purchase
For the potential purchase of LedgerX by MIAX, Open Exchange and Three Arrows Capital businesses reached a purchase agreement in April. At the time, FTX predicted that the sale would generate approximately $50 million in total income. Judge John Dorsey of the United States Bankruptcy Court for the District of Delaware approved the arrangement on May 4.
The sales of LedgerX, Embed, FTX Japan, and FTX Europe were approved by the Delaware court in January. There were about 117 interested parties, 56 of which have LedgerX as one of their top priorities.
Another potential buyer of LedgerX, OKC USA, has said that while it does not object to the sale, it may seek appropriate relief for not-true promises made in a declaration issued in connection with the transaction.
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