After several auction postponements, crypto derivatives exchange LedgerX has been sold to an affiliate of Miami International Holdings. 0x_tracy reports
LedgerX's sale comes after a tumultuous auction process that included multiple postponements. A sale hearing was expected to occur on April 12, according to, but an April 10 filing said"the sale hearing regarding the sale of the LedgerX Business is postponed until further notice."
According to financial documents viewed by CoinDesk, LedgerX generated trading and clearing revenues of $1.2 million and posted negative EBITDA of $17 million in 2022. "We are pleased to reach this agreement with MIH, which is an example of our continuing efforts to monetize assets to deliver recoveries to stakeholders," said John J. Rray III, CEO and restructuring head of the FTX Debtors, in the release.
Miami International Holdings is a U.S.-based exchange conglomerate which owns several equities, options and commodities exchanges. It already holds the licenses to operate a U.S. Commodity Futures Trading Commission licensed commodities exchange, having acquired the Minneapolis Grain Exchange in 2020. Currently, MGEX offers just one non-index commodity futures product: North American Hard Red Spring Wheat. Miami's acquisition of LedgerX would allow the company to foray into crypto trading.
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