Shocking! FTX Sells LedgerX To OPNX-Linked Company For $50M

Key Points:

• FTX to sell LedgerX for $50M to Miami International Holdings, Inc. (MIH), owner of the Miami International Securities Exchange (MIAX).
• Current sale agreement must be approved in a court hearing set for May 4, 2023.
• MIAX invested in CoinFLEX, implying MIAX and MIH see opportunities in the crypto industry.

FTX and its debtors have reached an agreement to sell LedgerX to a potential buyer, as announced in a press release on April 25.

The agreement marks an important step in FTX’s efforts to return funds to stakeholders following its bankruptcy filing in November 2022.

FTX acquired LedgerX in 2021 and rebranded the service as US Derivatives. The move was seen as a strategic one, with the acquisition allowing FTX to expand its reach in the derivatives trading market. However, FTX’s bankruptcy filing put those plans on hold.

Now, with the agreement to sell LedgerX to M7 Holdings, an affiliate of Miami International Holdings, Inc., FTX and its debtors expect to earn $50 million from the deal. FTX CEO John Ray III expressed optimism about the sale and its potential to benefit stakeholders.

The sale agreement is set to be approved in a court hearing on May 4, 2023. Assuming the agreement is approved, Miami International Holdings, Inc. (MIH) will carry out the purchase itself, according to a separate announcement from the buyer.

MIH is the owner of the Miami International Securities Exchange (MIAX), and has made strategic investments in the crypto industry. For example, in April 2023, MIAX invested in CoinFLEX, a crypto firm that has faced controversy in recent months. While many investors have denied investing in OPNX, the successor to failed crypto firms Three Arrows Capital and CoinFLEX, MIAX’s investment in CoinFLEX suggests that the company sees value in the crypto industry despite the risks and controversies that come with it.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News