Miami International Securities Exchange (MIAX), owned by Miami International Holdings (MIH), has successfully acquired LedgerX, a subsidiary of FTX. The acquisition was finalized after receiving approval from the bankruptcy judge on May 4. LedgerX is a regulated exchange and clearinghouse overseen by the United States Commodity Futures Trading Commission.
Thomas Gallagher, CEO of MIH, emphasized the significance of the acquisition, stating that it plays a vital role in their growth strategy by enabling them to introduce innovative products to the swaps and futures industry. MIAX is part of a portfolio of financial companies owned by MIH.
Furthermore, Leslie Lamb, CEO of Open Exchange (OPNX), revealed in a tweet on April 21 that MIAX also holds investment stakes in OPNX. This showcases MIAX’s involvement and interest in the cryptocurrency exchange space.
The purchase agreement for MIAX’s acquisition of LedgerX was reached in April, subject to court approval. FTX estimated that the sale would generate proceeds of approximately $50 million. The deal was granted approval by Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware.
LedgerX, along with other assets such as Embed, FTX Japan, and FTX Europe, was approved for sale by the Delaware court in January. Among the 117 prospective buyers, 56 expressed specific interest in LedgerX. OKC USA, another bidder, voiced potential concerns over misleading statements made in relation to the sale but did not contest the acquisition.
In a separate development, FTX filed a lawsuit on May 17 against former CEO Sam Bankman-Fried, co-founder Gary Wang, and former engineering director Nishad Singh. The lawsuit alleges a lack of due diligence during the acquisition of Embed, for which FTX paid $220 million. FTX aims to recover over $240 million from former Embed CEO Michael Giles and others through this legal action.
MIAX’s successful acquisition of LedgerX marks a significant milestone in their growth strategy. The integration of LedgerX into their portfolio enables MIAX to provide new and innovative products to the swaps and futures industry. Meanwhile, FTX continues to navigate legal challenges arising from past acquisitions, seeking to safeguard its interests and recover significant funds.