The acquisition will diversify the portfolio of M7’s parent firm, which operates the Bermuda Stock Exchange and the Miami International Securities Exchange.
FTX is set to lose roughly $250 million on LedgerX’s sale to M7. The deal is estimated to be worth $50 million.
Miami-based M7 Holdings LLC has completed the acquisition of LedgerX from FTX. News of the successful sale comes two weeks after the U.S. Bankruptcy Court for the District of Delaware approved the deal between FTX’s bankruptcy estate and the Miami International Holdings affiliate. The bankrupt crypto exchange previously estimated the proceeds from the deal to be $50 million.
FTX Bears $250 Million Loss On LedgerX Deal
FTX had paid a whopping $298 million for LedgerX in August 2021. The sale to M7 Holdings represents a nearly $250 million loss for the bankrupt crypto exchange. According to a press release from Miami International Securities Exchange (MIAX) earlier today, the acquisition of LedgerX will help in diversifying the portfolio of its parent firm Miami International Holdings Inc. The firm currently operates Miami International Securities Exchange, LLC (MIAX), MIAX PEARL, LLC (MIAX Pearl), MIAX Emerald, LLC (MIAX Emerald), Minneapolis Grain Exchange, LLC (MGEXTM), The Bermuda Stock Exchange (BSX), and Dorman Trading LLC.
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.”
Thomas P. Gallagher, Chairman and CEO of MIH
LedgerX is a Commodity Futures Trading Commission (CFTC) regulated exchange and clearinghouse that is registered as a Designated Contract Market (DCM), Derivatives Clearing Organization (DCO), and Swap Execution Facility (SEF) with the CFTC. The acquisition is in line with Miami International Holding’s growth strategy, which aims to offer new and innovative products to the swaps and futures industry.