FTX closes sale of LedgerX to Miami International affiliate

By Sarah Lizee

Olympia, Wash., May 19 – FTX Trading Ltd. closed the sale of LedgerX LLC, the futures and options exchange and clearinghouse unit of FTX, to M7 Holdings, LLC, according to a Friday press release.

The buyer is an affiliate of Miami International Holdings, Inc.

The total proceeds to FTX resulting from the transaction were expected to be roughly $50 million, as previously reported.

“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,” Thomas P. Gallagher, chairman and chief executive officer of Miami International Holdings, said in the release.

“We are pleased to complete this acquisition and welcome the LedgerX team to the MIH family as we continue to execute on our strategy of operating regulated financial markets both in the U.S. and internationally.”

Piper Sandler & Co. acted as financial adviser, and Cleary Gottlieb Steen & Hamilton LLP and Gallagher, Briody & Butler served as legal advisers to the buyer.

FTX has headquarters in the Bahamas. The company filed Chapter 11 bankruptcy on Nov. 11, 2022 under case number 22-11068.

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