Miami International Holdings (MIH), a US-based exchange conglomerate, has finalized its $50 million acquisition of LedgerX from the bankrupt cryptocurrency exchange FTX and its debtors. LedgerX, one of the few solvent subsidiaries of the Founder of FTX, Samuel Bankman-Fried’s former empire, is a crypto derivatives platform.

MIH Rounds Off LedgerX Purchase

Last month, FTX and its debtors announced sales of LedgerX to M7 Holdings, an affiliate of MIH. In the aftermath of FTX’s collapse in November of last year, FTX sought permission to sell LedgerX and three other subsidiaries: FTX Japan, FTX Europe and Embed, a stock-clearing platform.

The bankrupt crypto exchange secured permission to sell LedgerX and the other subsidiaries in January. Although the four subsidiaries are independent of and have minimal exposure to the failed parent company FTX International, they have been struggling with regulatory backlash. The other subsidiaries remain available for sale.

Currently, MIH as a conglomerate operates several marketplaces, such as options exchanges, Miami International Securities Exchange (MIAX), MIAX Pearl and MIAX Emerald. In addition, the company runs the commodities exchange Minneapolis Grain Exchange, the Bermuda Stock Exchange, and futures commission merchant/execution and clearing services provider, Dorman Trading.

MIH Enters Crypto Trading

With LedgerX, MIH is expanding into cryptocurrency trading. LedgerX is regulated by the US Commodity Futures Trading Commission as an options and futures contracts exchange, clearinghouse and a swap execution facility or platform for trading swaps.

“The acquisition of LedgerX represents an important part of our growth strategy, expanding our ability to offer new and innovative products to the swaps and futures industry," said Thomas P. Gallagher, the Chairman and CEO of Miami International Holdings.

FTX purchased Ledger Holdings, the parent company of LedgerX, through its American subsidiary, FTX US, in 2021 in a deal reported to have cost $298 million. The platform was later rebranded to FTX.US Derivatives.

In a previous statement, John J. Ray III, the Chief Executive who took over the reins of FTX last year to champion its restructuring, described the sale of LedgerX to MIH as “an example of our continuing efforts to monetize assets to deliver recoveries to stakeholders.”

As of April, bankrupt FTX has regained a total of $7.3 billion in liquid digital assets and cash. The figure has increased by $800 million since January 2023.