In 2021, FTX.US purchased the futures and options exchange LedgerX to broaden its spot trading services. However, FTX is now selling three of its other assets, and it has recently reached a purchase agreement with an affiliate of Miami International Holdings to sell LedgerX. The transaction is expected to yield approximately $50 million, but it still needs approval from the US Bankruptcy Court for the District of Delaware. The buyer of LedgerX is M7 Holding, which is a family private equity investment firm that is affiliated with Miami International Holdings. The deal is set for a hearing on May 4.
The sale of LedgerX and other FTX assets was approved by the bankruptcy court in January, after overcoming a challenge by the US trustee and an ad hoc committee of 18 non-US customers. FTX.US purchased LedgerX in August 2021, and CFTC regulates it. FTX CEO John Ray III sees the sale of LedgerX as an opportunity to monetize assets and deliver recoveries to stakeholders.