Failed cryptocurrency exchange FTX and its affiliated creditors announced that they have signed a share purchase agreement with Miami International Holdings for the sale of LedgerX LLC, FTX's futures and options exchange and clearinghouse unit, following an extensive sale process as part of Chapter 11 transactions. .
The Sale Will Provide $50 Million To FTX Creditors
Total revenue from transactions to FTX creditors is expected to be approximately $50 million.
John J. Ray III, CEO and Chief Restructuring Officer, FTX Creditors, said: "We are pleased to have this agreement with MIH, an example of our ongoing efforts to monetize assets to deliver returns to shareholders."
A sales hearing is scheduled for May 4, 2023 to approve the transaction.
FTX.US last purchased LedgerX's parent company, Ledger Holdings, for $298 million in 2021, according to audited financial statements.
The sale of LedgerX comes after a mixed auction process that included multiple delays. A sales hearing was expected on April 12, according to bankruptcy records, but an application filed on April 10 stated that "the sale hearing regarding the sale of LedgerX Business has been adjourned until further notice."
Miami International Holdings is a US-based stock exchange holding that owns a variety of stock, options and commodity exchanges. It currently holds a commodity exchange operating license licensed by the US Commodity Futures Trading Commission (CFTC).
*Not investment advice.