FTX announced that it has entered into a purchase agreement with an affiliate of Miami International Holdings to sell its futures and options exchange and clearinghouse LedgerX.
FTX said in a statement that the total proceeds of the transaction would total about $50 million. The deal still requires the approval of the United States Bankruptcy Court for the District of Delaware. A hearing on the deal is set for May 4.
FTX stated it reached a deal with M7 Holding, a family private equity investment firm based in Akron, Ohio. The firm is an affiliate of Miami International Holdings, which operates several exchanges in the United States and abroad, including the Minneapolis Grain Exchange and the Bermuda Stock Exchange.
The bankruptcy court approved the sale of LedgerX and other FTX assets in January after overcoming a challenge by the U.S. trustee and an ad hoc committee of 18 non-U.S. customers. The assets heading to auction were Embed, LedgerX, FTX Japan and FTX Europe. At the time, 117 parties had expressed interest in those assets.
FTX CEO and chief restructuring officer John Ray III called the sale an example of our continuing efforts to monetize assets to deliver recoveries to stakeholders.
