FTX to Sell LedgerX for $50 Million

Per a Bloomberg article, bankrupt crypto firm FTX has agreed to sell LedgerX. The price tag? A cool $50 million. LedgerX is a crypto-derivatives exchange platform. While widely available to all traders, it is known to institutional investors primarily for its block trading and algo trading opportunities. It offers crypto futures and options trading as well.

When you consider that FTX's top 50 creditors are owed $3.1 billion, the sale looks something like this:


The deal still requires court approval before it can be finalized. A hearing date is set for May 4, 2023.

The buyer is Miami International Holdings, who owns the Miami International Securities Exchange. With so many arms of bankrupt crypto firms being up for grabs now, it appears they have gotten a good deal here. 

In addition, Miami International Holdings owns:

  • MIAX Pearl
  • MIAX Emerald
  • Minneapolis Gran Exchange
  • The Bermuda Stock Exchange
  • Dorman Trading

The acquisition gives them exposure to the world of crypto trading. Must not be a "dead industry" after all.

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dot com boomer - writing mostly on crypto, stocks, entertainment, etc.

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