Miami International Holdings closes deal to acquire LedgerX

Miami International Holdings, via its MIAX subsidiary, announced the completion of the $50 million acquisition of the LedgerX crypto-derivatives platform.

According to the statement, the acquisition is an important part of the company’s growth strategy.

“The deal expands our ability to offer new and innovative products for the swaps and futures industry,” said Thomas P. Gallagher, Chief Executive Officer of Miami International Holdings.

In the summer of 2021, the U.S. subsidiary of FTX announced plans to acquire LedgerX.

Bloomberg reported that the platform was up for sale. According to the agency, interest from buyers was shown by around 10 companies. Among them were Blockchain.com, Gemini and Bitpanda.

In January 2023, the court authorized FTX to begin selling its business units to raise liquidity for payments to creditors. Earlier, the exchange said that LedgerX, Embed, FTX Japan, FTX Europe and other companies in the group had attracted interest from 117 entities.

The LedgerX auction originally scheduled for March 7 was repeatedly postponed. In early May, the court approved the deal between FTX and the Miami International Holdings subsidiary.

In the same month, lawyers for the exchange filed a lawsuit against the bankrupt crypto-lending platform Genesis with a demand to return $4 billion.