Miami International Securities Exchange (MIAX), owned by Miami International Holdings, has completed the acquisition of LedgerX, which was one of the FTX assets whose sale was court-approved in January. LedgerX is an exchange and clearing house regulated by the Commodity Futures Trading Commission (CFTC) of the United States.
The acquisition of LedgerX was “an important part of our growth strategy, expanding our ability to offer new and innovative products to the futures and swaps industry,” Miami International Holdings (MIH) CEO Thomas Gallagher said in a statement. MIAX is part of a group of financial companies owned by MIH.
Leslie Lamb, CEO of OPNX, the cryptocurrency exchange created by Three Arrows Capital (3AC) founders Kyle Davies and Su Zhu and Coinflex, claimed that MIAX was also an investor in that company in an April 21 tweet.
The parties signed a purchase agreement for MIAX’s acquisition of LedgerX in April, pending court approval. FTX said then that proceeds from the sale should be around $50 million. Judge John Dorsey of the Delaware District Bankruptcy Court approved the transaction on May 4.
The Delaware court approved the sale of LedgerX in January, along with securities trading platform Embed, FTX Japan and FTX Europe. Around 117 potential buyers expressed interest in the assets, of which 56 were interested in LedgerX in particular.. A spokesperson for OKC USA, another of LedgerX’s bidders, said the company could seek “appropriate relief” for “untrue” statements in a statement filed in connection with the sale, but it did not oppose the sale. .
MIAX Completes Acquisition of LedgerX from FTX Debtors: https://t.co/uGbqyoX8c0
— Zach Dexter (@zachdex) May 19, 2023
MIAX Completes Acquisition of LedgerX from Debtors FTX:
The 17th of May, FTX filed a lawsuit against former CEO Sam Bankman-Fried, co-founder Gary Wang, and former director of engineering Nishad Singh for failing to exercise due diligence in acquiring Embed. FTX paid $220 million for the company when the deal closed in September. The highest offer received by her after the bankruptcy of FTX was one million dollars. That same day, FTX filed a lawsuit to recover more than $240 million from Michael Giles, CEO of Embed, and others.
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