FTX sells LedgerX for $50 million
Crypto winter

FTX sells LedgerX for $50 million

FTX has sold LedgerX, a crypto derivatives platform for $50 million. The bankrupt company has reached a deal to sell one of its affiliates.

LedgerX was acquired in 2021, it allowed FTX.US to offer derivatives in the US, a territory where derivatives are highly regulated. At the time, LedgerX’s monthly volume of derivatives traded exceeded $500 billion. As a result, the company was one of the flagships of the FTX ecosystem.

According to sources, M7 Holdings, a subsidiary of Miami International Holdings (MIH), was the winner of the auction to acquire LedgerX. However, the deal comes under exceptional circumstances, including bankruptcy proceedings related to FTX, LedgerX’s parent company.

As a reminder, Ledger Holdings, the parent company of LedgerX, was originally purchased by FTX.US for $298 million in October 2021. Ledger Holdings also included the crypto fund LedgerPrime, which plans to return external capital to investors by September 2022.

LedgerX went through a tumultuous auction process, with the sale hearing originally scheduled for April 12, according to bankruptcy documents. However, an April 10 filing revealed that the sale hearing was postponed until further notice.

However, the transaction is subject to a judicial validation process. The court will rule on this matter on Thursday, May 4. This will be done at a hearing scheduled to take place in the U.S. Bankruptcy Court for the District of Delaware.

John Ray III, the current CEO and head of the FTX restructuring explained:

“This is an example of our ongoing efforts to monetize assets to allow stakeholders to recover their claims.”

Article written by:

Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at Trendingcrypto.news magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.

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