MIAX Finalizes $50M Acquisition of FTX’s LedgerX
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MIAX Finalizes $50M Acquisition of FTX’s LedgerX

Miami International Securities Exchange announced today it had completed its acquisition of LedgerX.
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

This Friday, the Miami International Securities Exchange announced it had completed its purchase of FTX’s LedgerX. The $50 million agreement between the companies was initially revealed several weeks ago on April 25th.

Miami International Securities Exchange Completes LedgerX Acquisition

On May 19th, the Miami International Securities Exchange (MIAX), a company owned by Miami International Holdings, Inc. (MIH), published a press release stating it had completed the acquisition of LedgerX. 

Commenting on the deal, Thomas P. Gallagher, the CEO of MIH, highlighted that the purchase will enable it to enhance its ability to “offer new and innovative products to the swaps and futures industry.” 

The acquisition of LedgerX represents an important part of our growth strategy, expanding our ability to offer new and innovative products to the swaps and futures industry. We are pleased to complete this acquisition and welcome the LedgerX team to the MIH family as we continue to execute on our strategy of operating regulated financial markets both in the U.S. and internationally.

The $50 million acquisition agreement between MIH and FTX was initially announced on April 25th. At the time, the cryptocurrency exchange’s current CEO John J. Ray III expressed his satisfaction with the sale calling it an important step in his team’s “continuing efforts to monetize assets to deliver recoveries to stakeholders.”

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FTX’s Efforts to Repay Creditors

Since taking over the management of FTX at the time of the company’s bankruptcy on November 11th, 2022, Ray’s team has been actively trying to locate and secure as many assets as possible. From the very beginning, it was set to be a difficult task in large part due to the reckless behavior of the firm’s previous executives.

Since then, the current management’s efforts to secure the funds to repay creditors bore some results and constitute a number of different actions. The company has been engaged in the sale of several of its entities—LedgerX being the most recent example—and several lawsuits attempting to claw back funds.

Earlier this week, after failing to sell Embed—a stock trading platform—FTX filed three lawsuits against Sam Bankman-Fried, as well as against Embed’s insiders and stakeholders. The lawsuits aim to recover more than $240 million spent on the platform only weeks before FTX filed for bankruptcy.

Editorial note (May 22nd, 2023, 11:15 AM EST): The article was edited for clarity.

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