- The Miami International Securities Exchange (MIAX) is owned by Miami International Holdings (MIH).
- The acquisition deal was announced in April and approved by the bankruptcy judge on May 4.
- LedgerX is one of the FTX assets the bankruptcy court approved for sale in January.
The Miami International Securities Exchange (MIAX) has today completed acquiring LedgerX, which is one of the FTX assets the court had approved for sale.
LedgerX operated as an exchange and clearinghouse and was regulated by the United States Commodity Futures Trading Commission (CFTC).
MIAX expansion into the swaps and futures industry
According to the CEO of MIAX, Thomas Gallagher, the acquisition of LedgerX is “an important part of our growth strategy, expanding our ability to offer new and innovative products to the swaps and futures industry.”
In an April tweet, the CEO of OPNX, a cryptocurrency exchange co-founded by Three Arrows Capital (3AC) founders claimed that MIAX was also an investor in the firm.
The acquisition process started in April when the involved parties entered into a $50 million purchase agreement. The agreement was, however, approved on May 4 by Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware and it has taken almost 15 more days to complete the purchase.
FTX assets approved for sale
LedgerX was among the four FTX subsidiaries that were approved for sale in January by the Delaware court. The other three are FTX Japan, FTX Europe, and the stock-trading platform Embed.
On May 17, FTX filed a lawsuit against the former FTX CEO Sam Bankman-Fried, former engineering director Nishad Singh, and co-founder Gary Wang for failing to apply due diligence when acquiring Embed. FTX paid $200 million when acquiring the stock trading platform.
It was reported that 117 prospective buyers expressed interest in the four assets out of which 56 wanted to acquire LedgerX.
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The Miami International Securities Exchange (MIEX) has announced the acquisition of LedgerX, a subsidiary of FTX, a leading global cryptocurrency-focused derivative exchange and trading platform for institutional and retail investors.
The purchase will give MIEX direct access to LedgerX’s regulated products. LedgerX is a U.S. regulated exchange and clearing house for physical Bitcoin and derivatives, and now MIEX will be able to offer its own suite of digital asset trading products on the LedgerX platform.
The partnership will enable MIEX to accelerate the global spread of digital assets with an accelerated trading and clearing infrastructure. Additionally, this agreement significantly expands the already strong asset class offering of the Miami International Exchange, fulfilling the exchange’s commitment to diverse and mature markets offerings.
The alliance will combine the strengths of both companies and broaden their asset base. The exchange is furthering its expansion of digital asset classes to cater to the needs of global institutional investors. As part of the acquisition, customers that want to trade cryptocurrency derivatives on the LedgerX platform will benefit from the increased liquidity available on the MIEX.
Furthermore, the exchange plans to use its technical, operational, and risk management expertise to further reduce the cost of digital asset trading. It will also announce new product launches and additional partnerships to expand its services.
With the addition of LedgerX to its portfolio, Miami International Exchange further reinforces its position as one of the most progressive and comprehensive digital asset exchanges. As the industry continues to develop and grow, MIEX-LedgerX will be well positioned to meet the needs of institutional and retail investors alike.