The FTX exchange undergoing bankruptcy proceedings has agreed with a subsidiary of Miami International Holdings to sell the LedgerX crypto-derivatives platform for $50 million. The deal will require approval from the U.S. bankruptcy court in the District of Delaware.
FTX Debtors are pleased to reach an agreement for the sale of LedgerX to MIH. Read details here: https://t.co/wfiJFuFwBw
— FTX (@FTX_Official) April 25, 2023
A hearing is scheduled for May 4.
Miami International Holdings operates several trading platforms in the U.S. and abroad, including the Minneapolis Grain Exchange and the Bermuda Stock Exchange. FTX has entered into an agreement with its subsidiary, M7 Holding.
The U.S. subsidiary of FTX announced plans to offer clients access to trading crypto-derivatives. Later the group acquired LedgerX.
In December 2022, Bloomberg reported that the platform was put up for sale. According to the agency, about 10 companies showed interest in a purchase. Among them were Blockchain.com, Gemini and Bitpanda.
In January 2023, the court allowed FTX to begin selling its business units to raise liquidity for creditor settlements. Earlier the exchange said that LedgerX, Embed, FTX Japan, FTX Europe and other companies in the group had attracted interest 117 entities.
The LedgerX sale auction, originally scheduled for March 7, was repeatedly postponed.
As reported, the blockchain-related Sui startup Mysten Labswill take over the FTX-owned stake in the project, including warrants on utility tokens. The deal would be worth $96.3 million, according to reports.
According to the March court filing, the exchange’s aggregate shortfall of assets to cover customer claims amounted to $8.7 billion, in bitcoin — $1.6 billion.