From Options To Crypto: Miami-Based MIAX Set To Acquire FTX's LedgerX For $50M

Cryptocurrency exchange FTX FTT/USD has agreed to sell its crypto-derivatives platform, LedgerX, to the owner of Miami International Securities Exchange (MIAX) for about $50 million.

The sale of LedgerX, one of the few solvent pieces of Sam Bankman-Fried’s former empire, will give MIAX a registered platform to expand its presence in the crypto industry.

John J. Ray III, CEO of FTX, said, "We are pleased to reach this agreement...an example of our continuing efforts to monetize assets to deliver recoveries to stakeholders."

FTX will need court approval for the deal, and a hearing is scheduled for May 4.

A representative for MIAX declined to comment on the acquisition beyond the release.

MIAX already operates a clearinghouse it acquired in 2020, and LedgerX technology will give it a window into digital assets.

Also Read: From Zero To Crypto Hero: Record-Breaking Bug Bounties You Won't Believe

According to its website, MIAX has grown from a single options exchange to a global trading company, operating the 14th largest derivatives exchange group in the world. Last year, MIAX launched its first equities exchange, MIAX Pearl Equities, and entered into a partnership to develop and launch a suite of crypto derivatives with Lukka.

The cryptocurrency industry faced a string of bankruptcies last year, and some companies are still struggling to stay afloat.

For instance, crypto lender Celsius Network Ltd. CEL/USD is facing a three-way auction, while Binance.US recently terminated its agreement to purchase Voyager Digital Holdings due to the "hostile and uncertain regulatory climate in the United States."

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