Crypto Updates

Miami International Completes $50M Takeover of LedgerX from FTX

FTX’s 2021 Revenue Jumped 1,000% to $1 Billion

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
FTX Founder Samuel Bankman-Fried’s former empire, is a crypto derivatives

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

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

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

MIH Enters Crypto Trading

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.

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, Chairman and CEO of Miami
International Holdings.

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


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