- M7 Holdings acquires Ledger X for $50 million.
- The U.S. Bankruptcy Court in Delaware approved the sale today.
- On April 25, MIH announced that it had entered into a Purchase Agreement.
LedgerX, a derivatives trading platform previously owned by FTX, has been sold to M7 Holdings LLC, a private equity firm affiliated with Miami International Holdings, Inc (MIH). The announcement was made by LedgerX’s CEO Zach Dexter on Twitter, who shared that the U.S. Bankruptcy Court in Delaware had granted a motion allowing the sale of non-Debtor LedgerX LLC to MIH’s subsidiary.
The court’s decision came after a hearing where Judge John Dorsey quickly approved the order, commenting, “Well, that was easy,” when no objections were voiced.
In August 2021, FTX.US, an exchange catering to American clients, first acquired LedgerX, a futures and options exchange and clearinghouse unit, for $298 million in a bid to enhance its spot trading services.
Following FTX’s highly publicized Chapter 11 bankruptcy proceedings last November, the judge in charge of overseeing the case has given the embattled crypto exchange the approval to sell some of its assets — one of which is LedgerX — to aid its efforts in repaying its creditors.
M7 Holdings, which operates exchanges including the Minneapolis Grain Exchange and Bermuda Stock Exchange, expressed its enthusiasm for the acquisition. According to a press release, M7 Holdings won the bankruptcy auction to buy crypto derivatives exchange LedgerX for a sum of $50 million.
FTX’s restructuring head and CEO, John J. Ray, welcomed the deal, saying it was an example of their continuing efforts to deliver recoveries to stakeholders.
On April 25, MIH announced that it had entered into a Purchase Agreement to acquire all of the issued and outstanding membership interests of LedgerX from Ledger Holdings, Inc. (LHI) in connection with the bankruptcy proceedings involving FTX Trading Ltd.