FTX to sell LedgerX to company linked to OPNX controversy for $50M News ▸ FTX ▸ Bankruptcy
FTX to sell LedgerX to company linked to OPNX controversy for $50M
LedgerX will be sold to Miami International Holdings, Inc. pending an agreement in May.
1 min read
Updated: Apr. 25, 2023 at 10:50 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
FTX and its debtors have reached an agreement to sell LedgerX to a potential buyer, as announced in a press release on April 25.
FTX will sell LedgerX to Miami firm
FTX has entered into an agreement to sell its derivatives trading subsidiary LedgerX to M7 Holdings, an affiliate of Miami International Holdings, Inc.
FTX acquired LedgerX in 2021 and rebranded the service as FTX US Derivatives. However, FTX entered bankruptcy in November 2022 and soon began to seek court permission to sell multiple businesses including LedgerX in December.
FTX and its debtors now expect to earn $50 million from the deal. FTX CEO John Ray III suggested that the sale will help return funds to stakeholders.
The current sale agreement must be approved in a court hearing set for May 4, 2023.
Buyer is linked to recent OPNX news
A separate announcement from the buyer suggests that Miami International Holdings, Inc. (MIH) will carry out the purchase itself.
MIH is the owner of the Miami International Securities Exchange (MIAX). Incidentally, on April 21, MIAX and several other companies were identified as investors in OPNX — the successor to failed crypto firms Three Arrows Capital and CoinFLEX.
Many investors denied investing in OPNX, instead clarifying that they invested in an earlier CoinFLEX funding round. MIAX itself did not comment on the matter.
However, MIAX invested in CoinFLEX regardless of the details of the controversy, meaning that MIAX and MIH clearly see opportunities in the crypto industry.
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Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
FTX US Derivatives
FTX US Derivatives is a digital currency futures and options exchange and clearinghouse regulated by the US Commodity Futures Trading Commission (CFTC).
OPNX
OPNX (Open Exchange) is a new public marketplace for crypto claims trading and derivatives.