FTX debtor agrees to sell LedgerX to a subsidiary of Miami International Holdings

According to reports, the debtor of FTX has agreed to sell the derivatives exchange LedgerX to a subsidiary of Miami International Holdings for approximately $50 million. The transaction with M7 Holdings requires approval from the US bankruptcy court that oversees the FTX process. The sales hearing to confirm the transaction is scheduled for May 4th. FTX obtained approval to sell its business unit to raise funds for creditors at the beginning of this year. It also plans to sell Embedded Financial Technologies, FTX Japan, and FTX Europe. According to a legal document at the beginning of this year, approximately 117 parties expressed interest in purchasing FTX entities.

FTX debtor agrees to sell LedgerX to a subsidiary of Miami International Holdings

I. Introduction
– Explanation of FTX and LedgerX
– Overview of the recent development and the approval process
II. The Sale of LedgerX
– LedgerX’s debtor agreement to sell the derivatives exchange
– Overview of the buyer – a subsidiary of Miami International Holdings
– The price of the transaction – approximately $50 million
– The approval required from the bankruptcy court overseeing FTX’s process
III. FTX’s Approval to Sell its Business Unit
– The reason behind FTX’s decision to sell its business unit
– The approval received for raising funds for creditors
– The plan to sell Embedded Financial Technologies, FTX Japan, and FTX Europe
IV. The Interest of Potential Buyers
– The number of parties interested in purchasing FTX entities
– The legal document at the beginning of the year that provided the details
V. Conclusion
– Summary of the article
– The significance of the sale and the future implications

Article:

#Famed Derivatives Exchange LedgerX to be Sold to a Miami-based Company for $50 Million
Many people in the finance world are eagerly waiting for the outcome of the recent announcement that the debtor of FTX has agreed to sell the derivatives exchange LedgerX to a subsidiary of Miami International Holdings for approximately $50 million. Although the transaction requires approval from the US bankruptcy court overseeing the FTX process, the sales hearing to confirm the transaction is scheduled for May 4th.
FTX, a cryptocurrency exchange, had obtained approval to sell its business unit earlier this year, with the intention of raising funds for creditors. This sale of LedgerX is a part of its plan to liquidate the assets. Along with LedgerX, FTX is also planning to sell Embedded Financial Technologies, FTX Japan, and FTX Europe.

The Sale of LedgerX

The agreement of LedgerX’s debtor to sell the derivatives exchange is a significant development in the finance world. The buyer of LedgerX is a subsidiary of Miami International Holdings, which owns and operates the three options exchanges: MIAX, MIAX Pearl, and MIAX Emerald. LedgerX is a well-known derivatives exchange that focuses on cryptocurrency, which will be a great addition to the buyer’s current portfolio.
The sale of LedgerX will be approximately for $50 million. However, the transaction requires approval from the US bankruptcy court that oversees the FTX process. It is expected that the sales hearing will confirm the transaction on May 4th.

FTX’s Approval to Sell its Business Unit

FTX obtained approval to sell its business unit earlier this year with the goal of raising funds for the creditors. FTX aims to liquidate its assets, and the sale of LedgerX is part of the plan. The cryptocurrencies market has been in a state of flux, and FTX’s decision to sell its assets is an indication of the uncertainty in the market.

The Interest of Potential Buyers

As per a legal document at the beginning of this year, approximately 117 parties expressed interest in purchasing FTX entities, including LedgerX. However, it is not yet clear how many of these parties will proceed with the purchase. FTX’s decision to liquidate its assets has garnered a substantial amount of interest from potential buyers. The sale of each entity will likely attract many more buyers to the market.

Conclusion

The sale of LedgerX to a Miami-based company for approximately $50 million requires approval from the bankruptcy court overseeing FTX’s process. FTX’s decision to sell its assets is an indication of the turbulent state of the cryptocurrency market. However, the sale of such a well-known entity is significant from a financial perspective, and it will be interesting to see how it plays out.

FAQs

1. What is FTX?
FTX is a cryptocurrency exchange.
2. What is LedgerX?
LedgerX is a well-known derivatives exchange that focuses on cryptocurrency.
3. Can FTX entities still be purchased after the sale of LedgerX?
Yes, FTX aims to sell Embedded Financial Technologies, FTX Japan, and FTX Europe with a plan to liquidate its assets.