FTX seeks approval to sell LedgerX to Miami International affiliate

By Sarah Lizee

Olympia, Wash., April 25 – FTX Trading Ltd. announced that it has entered into an interest purchase agreement with M7 Holdings, LLC, an affiliate of Miami International Holdings, Inc., for the sale of LedgerX LLC, the futures and options exchange and clearinghouse unit of FTX.

The total proceeds to FTX resulting from the transaction are expected to be roughly $50 million, according to a press release issued Tuesday.

The transaction is subject to customary closing conditions, including approval of the U.S. Bankruptcy Court for the District of Delaware.

A sale hearing to approve the transaction is currently scheduled for May 4.

FTX has headquarters in the Bahamas. The company filed Chapter 11 bankruptcy on Nov. 11 under case number 22-11068.

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