Thomas emphasized that the acquisition of LedgerX played a pivotal role in their strategic development plan.
MIH is the owner of a cluster of financial institutions, with MIAX being one among them.
Miami International Securities Exchange (MIAX), operated by Miami International Holdings (MIH), has acquired LedgerX. LedgerX was among the assets of FTX that received court approval for sale in January. LedgerX, being an exchange and clearinghouse, is overseen by U.S. government agencies.
According to MIH CEO Thomas Gallagher, acquiring LedgerX was an important part of their plan to grow and improve their offerings in the swaps and futures markets. This purchase allowed them to enhance their ability to provide advanced solutions. MIH is the owner of a group of financial institutions, including MIAX.
The sale has been finalized after receiving approval from the judge.
In a tweet on April 21, the CEO of Open Exchange (OPNX) mentioned that MIAX was among the investors in OPNX.
In April, MIAX and LedgerX entered into a purchase agreement, with the intention of MIAX potentially acquiring LedgerX. During that time, FTX approximated the total revenue from the sale to be around $50 million. On May 4, Judge John Dorsey of the United States Bankruptcy Court for the District of Delaware authorized the agreement.
In January, the Delaware court approved the sale of LedgerX, Embed, FTX Japan, and FTX Europe. Among these assets, LedgerX garnered significant interest, with approximately 56 parties specifically interested in acquiring it out of a total of 117 interested parties.
Another potential buyer of LedgerX, OKC USA, has expressed concerns regarding certain inaccurate representations made in a declaration related to the transaction. While they do not oppose the sale, they have mentioned the possibility of seeking appropriate measures to address these concerns.
FTX filed a lawsuit on May 17 against former CEO Sam Bankman-Fried, co-founder Gary Wang, and former engineering director Nishad Singh. The lawsuit alleges that they violated their fiduciary duty during the acquisition of Embed.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
Author
