FTX, the bankrupt cryptocurrency exchange, has announced the closure of a deal to sell LedgerX, a futures and options exchange licensed in the US and regulated by the CFTC, to a subsidiary of Miami International Holdings (MIAX Technologies). The sale is subject to approval from the US Bankruptcy Court and is expected to provide approximately $50 million to FTX debtors, contributing to the monetization of the bankrupt exchange and meeting client obligations. FTX stated that the sale is just one of many deals that it has been able to conclude recently in efforts to repay creditors.
After its collapse, FTX had a debt of over $3 billion. However, since John J. Ray III took over the company, over $740 million in funds have been recovered. LedgerX was one of the subsidiaries that remained solvent throughout the scrutiny that FTX underwent following the multimillion-dollar losses caused by its former CEO, Sam Bankman-Fried.
Judge John Dorsey authorized the sale of the derivatives platform and other subsidiaries in early January 2023, following the scrutiny. Since then, FTX has had at least 117 offers from various interested bidders to purchase the exchange’s assets, but it had not reached a formal agreement with any of the parties until the MIAX deal was closed.