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FTX to sell LedgerX to company linked to OPNX controversy for $50M FTX to sell LedgerX to company linked to OPNX controversy for $50M

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.

FTX to sell LedgerX to company linked to OPNX controversy for $50M

Cover art/illustration via CryptoSlate

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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 โ€” 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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