FTX finally closed a deal to sell its derivatives subsidiary, LedgerX, for $50 Million to Miami International Holdings.
Despite intensive scrutiny by US regulators, FTX continues to receive offers from companies that could help it bounce back from bankruptcy – or at least pay its creditors.
On April 25, the former crypto giant announced the closure of a deal with a subsidiary of Miami International Holdings (MIAX Technologies), a US company operating global financial platform and execution services, to finalize the sale of LedgerX, a futures and options exchange licensed in the US and regulated by the CFTC.
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
The Sale Will Monetize FTX and Meet Client Obligations
“We are pleased to reach this agreement with MIH, which is an example of our continuing efforts to monetize assets to deliver recoveries to stakeholders.”
LedgerX Remained Solvent Throughout FTX Scrutiny
Considering this, Judge John Dorsey authorized the sale of the derivatives platform, as well as other Japanese and European subsidiaries, during a presentation in the US Bankruptcy Court in early January 2023.
Since then, FTX had received at least 117 offers from various interested bidders to purchase the exchange’s assets. However, until now, no formal agreement had been reached with any party that met the company’s needs.