The Miami International Securities Exchange (MIAX) has today completed acquiring LedgerX, which is one of the FTX assets the court had approved for sale in January. LedgerX operated as an exchange and clearinghouse and was regulated by the United States Commodity Futures Trading Commission (CFTC).
According to the CEO of MIAX, Thomas Gallagher, the acquisition of LedgerX is “an important part of our growth strategy, expanding our ability to offer new and innovative products to the swaps and futures industry.” The acquisition process started in April when the involved parties entered into a $50 million purchase agreement. The agreement was, however, approved on May 4 by Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware and it has taken almost 15 more days to complete the purchase.
LedgerX was among the four FTX subsidiaries that were approved for sale in January by the Delaware court. The other three are FTX Japan, FTX Europe, and the stock-trading platform Embed. On May 17, FTX filed a lawsuit against the former FTX CEO Sam Bankman-Fried, former engineering director Nishad Singh, and co-founder Gary Wang for failing to apply due diligence when acquiring Embed. FTX paid $200 million when acquiring the stock trading platform.
It was reported that 117 prospective buyers expressed interest in the four assets out of which 56 wanted to acquire LedgerX. The acquisition deal was announced in April and approved by the bankruptcy judge on May 4. The Miami International Securities Exchange (MIAX) is owned by Miami International Holdings (MIH).