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FTX to Sell LedgerX Unit to M7 Holdings for $50 Million Amid Chapter 11 Proceedings

Cointime Official

April 26 (Cointime) - Bankrupt cryptocurrency exchange FTX Trading and its affiliated debtors announced that they have entered into an interest purchase agreement with M7 Holdings, LLC, an affiliate of Miami International Holdings, Inc. ("MIH").

This agreement concerns the sale of LedgerX LLC, the futures and options exchange and clearinghouse unit of FTX, as part of FTX Debtors' ongoing Chapter 11 proceedings.

The sale of LedgerX LLC is expected to generate approximately $50 million in proceeds for the FTX Debtors. The transaction is subject to customary closing conditions and must receive approval from the U.S. Bankruptcy Court. A hearing to approve the sale is currently scheduled for May 4, 2023.

"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," said John J. Ray III, the Chief Executive Officer and Chief Restructuring Officer of the FTX Debtors.

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