FTX Gets Bankruptcy Court’s Approval To Sell LedgerX For $50 Million
- The Bankruptcy Court of Delaware has authorized bankrupt crypto exchange FTX to sell its LedgerX.
- The derivatives trading platform is set to be sold to M7 Holdings LLC for $50 Million.
- The sale is part of a broader effort from the bankrupt exchange’s management to repay its creditors.
The U.S. Bankruptcy Court for the District of Delaware has approved the sale of FTX’s non-bankrupt crypto derivatives exchange LedgerX. The bankruptcy court’s approval comes less than two weeks after the defunct crypto exchange announced that it had reached an agreement with an affiliate of Miami International Holdings to sell LedgerX in a multi-million dollar deal.
FTX Will Sell LedgerX To M7 Holdings
The bankruptcy hearing for the proposed sale was streamed live on Youtube earlier today. Bankruptcy Judge John Dorsey gave FTX the green light to sell its LedgerX business to M7 Holdings LLC for $50 million. The buyer is an affiliate of Miami International Holdings, which owns and operates several exchanges, including the Bermuda Stock Exchange and the Miami International Securities Exchange.
FTX announced on April 25, 2023, that it had entered into an interest purchase agreement with M7 Holdings LLC to offload LedgerX. The agreement to offload the crypto derivatives exchange came after a comprehensive sale process that saw participation from multiple bidders including popular crypto exchange OKX. At the time, FTX stated that the deal with M7 was subject to approval from the Delaware bankruptcy court as well as the U.S. Commodities and Futures Trading Commission.
LedgerX’s sale is part of a broader effort from the bankrupt crypto exchange’s new management to raise funds in order to repay its creditors and customers. Speaking on the initial agreement with M7 Holdings, FTX CEO John Ray stated, “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.”
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