The Miami International Stock Exchange (MIAX), owned by Miami International Holdings (MIH), has completed its acquisition of LedgerX, one of the FTX assets that was court-approved for sale in January. LedgerX is an exchange and clearinghouse regulated by the Commodity Futures Trading Commission.
In a statement, MIH CEO Thomas Gallagher said the acquisition of LedgerX is "an important part of our growth strategy, expanding our ability to offer innovative products to the swaps and futures industry." MIAX is one of a series of financial companies owned by MIH .
Leslie Lamb CEO of Open Exchange (OPNX), a cryptocurrency exchange founded by Three Arrows Capital founders Kyle Davies and Su Zhu and CoinFlex claimed in an April 21 tweet that MIAX is also Investors in OPNX. The parties signed a purchase agreement for MIAX to ac require LedgerX in April, pending court approval. Proceeds from the sale should reach around $50 million, FTX said at the time. Delaware Bankruptcy Court Judge John Dorsey approved the deal on May 4.
A Delaware court approved the sale of LedgerX in January, along with stock trading platforms Embed, FTX Japan and FTX Europe. Some 117 potential buyers expressed interest in the assets, with 56 of them focusing specifically on LedgerX. A spokesperson for OKC USA, another LedgerX bidder, said the company may seek “appropriate relief” for “untrue” statements in statements related to the sale, but it does not object to the sale. FTX filed a lawsuit on May 17 against former CEO Sam Bankman-Fried, co- founder Gary Wang, and former director of engineering Nishad Singh, alleging it failed to conduct due diligence when acquiring Embed. FTX paid $220 million for the company when the deal closed in September. The highest bid FTX received after its bankruptcy was $1 million ion. same day,FTX filed a lawsuit seeking to recover more than $240 million from former Embed CEO Michael Giles and others.
