Miami International Securities Exchange (MIAX), owned by Miami International Holdings, has completed the acquisition of LedgerX, which was one of the assets of FTX that was court-approved for sale in January. LedgerX is an exchange and clearinghouse regulated by the Commodity Futures Trading Commission (CFTC) in the U.S. The deal was announced in April and approved by the bankruptcy judge on May 4.

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The acquisition of LedgerX was “an important part of our growth strategy, expanding our ability to offer new and innovative products to the swaps and futures industry,” Miami International Holdings (MIH) CEO Thomas Gallagher said in a statement. MIAX is part of a suite of financial companies owned by MIH.

Leslie Lamb, CEO of OPNX, the cryptocurrency exchange created by Three Arrows Capital (3AC) founders Kyle Davies and Su Zhu and Coinflex, claimed that MIAX was also an investor in that company in an April 21 tweet.

MIAX’s acquisition

The parties signed a purchase agreement for MIAX’s acquisition of LedgerX in April, pending court approval. FTX said then that proceeds from the sale should be in the region of USD 50 million. Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware approved the transaction on May 4.

The Delaware court approved the sale of LedgerX in January, along with securities trading platform Embed, FTX Japan and FTX Europe. Around 117 potential buyers expressed interest in the assets, of which 56 were interested in LedgerX in particular. A spokesperson for OKC USA, another of LedgerX’s bidders, stated that the company could seek “appropriate relief” for “untruthful” statements contained in a statement filed in connection with the sale, but that it did not oppose the sale.

On May 17, FTX filed a lawsuit against former CEO Sam Bankman-Fried, co-founder Gary Wang and former engineering director Nishad Singh for failing to exercise due diligence in acquiring Embed. FTX paid USD 220 million for the company when the deal closed in September last year. The highest bid received for it after FTX’s bankruptcy was USD 1 million. On the same day, FTX filed a lawsuit to recover more than $240 million from Embed CEO Michael Giles and others.