M7 Holdings Successfully Acquires FTX’s LedgerX

• Miami-based M7 Holdings has successfully acquired FTX’s cryptocurrency derivatives exchange, LedgerX.
• The acquisition will diversify the portfolio of M7’s parent company, which operates the Bermuda Stock Exchange and the Miami International Stock Exchange.
• FTX will lose about $250 million from the sale of LedgerX 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 after two weeks in U.S. bankruptcy court in Delaware officially recognized

Transaction between the bankruptcy estate of FTX and a subsidiary of Miami International Holdings. The bankrupt cryptocurrency exchange had previously estimated the proceeds of the deal at $50 million.

FTX Loses $250 Million in LedgerX Transaction

FTX acquired LedgerX in August 2021 for a whopping $298 million. The sale to M7 Holdings meant the bankrupt cryptocurrency exchange lost nearly $250 million.according to a Press release The acquisition of LedgerX from the Miami International Stock Exchange (MIAX) earlier today will help diversify the portfolio of its parent company, Miami International Holdings. The company currently operates the Miami International Stock Exchange, LLC (MIAX), MIAX PEARL, LLC (MIAX Pearl), MIAX Emerald, LLC (MIAX Emerald), Minneapolis Grain Exchange (MGEXTM), Bermuda Stock Exchange ( BSX) and Dorman Trading LLC.

We are delighted 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 in the US and internationally. ”

Thomas P. Gallagher, Chairman and CEO, MIH

LedgerX is a Commodity Futures Trading Commission (CFTC) regulated exchange and clearinghouse, registered with the CFTC as a Designated Contracts Market (DCM), Derivatives Clearing Organization (DCO) and Swap Execution Agency (SEF). The acquisition is in line with Miami International Holding’s growth strategy to provide new and innovative products to the swaps and futures industry.