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The Miami International Stock Exchange (MIAX), owned by Miami International Holdings, completed the acquisition of LedgerX, one of FTX’s court-approved assets for sale in January. LedgerX is an exchange and clearing house regulated by the US Commodity Futures Trading Commission (CFTC).
The acquisition of LedgerX was “an important part of our growth strategy, expanding our ability to offer new and innovative products to the swap and futures industry,” Miami International Holdings (MIH) CEO Thomas Gallagher said in a statement. set of financial companies owned by MIH.
Leslie Lamb, CEO of OPNX, a cryptocurrency exchange founded by Three Arrows Capital (3AC) founders Kyle Davis, Su Zhu and Coinflex, stated that MIAX is also an investor in the firm in an April 21 tweet.
The parties entered into an agreement to acquire MIAX from LedgerX in April, pending court approval. At the time, FTX stated that the proceeds from the sale should be around $50 million. Judge John Dorsey of the United States Bankruptcy Court for the District of Delaware approved the deal on May 4.
Related: CFTC Chairman Rostyn Behnam cites LedgerX as success story amid FTX collapse
In January, a Delaware court approved the sale of LedgerX, along with exchange platform Embed, to FTX Japan and FTX Europe. About 117 potential buyers showed interest in the assets, with 56 of them looking at LedgerX in particular. A spokesperson for OKC USA, another contender for LedgerX, said the company could seek “proper damages” for “incorrect” statements on a declaration filed in connection with the sale, but did not object to the sale.
MIAX Completes Acquisition of LedgerX from FTX Debtors: https://t.co/uGbqyoX8c0
— Zach Dexter (@zachdex) May 19, 2023
On May 17, FTX filed a lawsuit against former CEO Sam Bankman-Fried, co-founder Gary Wang and former CTO Nishad Singh for failure to conduct due diligence on the acquisition of Embed. FTX paid $220 million for the company when the deal closed in September. The highest price received for it since the FTX bankruptcy was $1 million. On the same day, FTX filed a lawsuit seeking more than $240 million in restitution from Embed CEO Michael Giles and others.