FTX and its debtors have entered into an agreement to sell LedgerX to a potential buyer, as announced in a press release on April 25.
FTX will sell LedgerX to a Miami company
FTX has reached an agreement to sell its derivatives trading subsidiary LedgerX to M7 Holdings, a subsidiary of Miami International Holdings, Inc.
FTX acquired LedgerX in 2021 and rebranded the service as FTX US Derivatives. However, FTX went bankrupt in November 2022 and soon began asking the court for permission to sell several companies, including LedgerX in December.
FTX and its debtors now expect to earn $50 million from the deal. FTX CEO John Ray III suggested the sale will help return funds to stakeholders.
The current sale agreement must be approved at a court hearing scheduled for May 4, 2023.
The buyer is linked to recent news from OPNX
A separate ad of the buyer suggests that Miami International Holdings, Inc. (MIH) will make the purchase itself.
MIH is the owner of the Miami International Securities Exchange (MIAX). Besides, on April 21thMIAX and several other companies have been identified as investors in OPNX – the successor to bankrupt crypto firms Three Arrows Capital and CoinFLEX.
Many investors denied having invested in OPNX, instead stating that they had invested in a previous CoinFLEX funding round. MIAX itself has not commented on the issue.
However, MIAX has invested in CoinFLEX regardless of the details of the controversy, which means MIAX and MIH clearly see opportunities in the crypto industry.
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