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MIAX Acquires LedgerX to Expand Presence in Crypto Industry
MIAX, owned by Miami International Holdings Inc., has reached an agreement to acquire LedgerX, one of the few solvent pieces of Sam Bankman-Fried’s former empire, according to a statement by FTX CEO John J. Ray III. The deal will provide MIAX with a registered platform to expand its presence in the crypto industry, and FTX will seek court approval for the agreement on May 4.
MIAX was among the bidders interested in acquiring LedgerX, which would give the exchange a window into digital assets. The acquisition of LedgerX technology would complement MIAX’s existing clearinghouse, which it obtained through the acquisition of the Minneapolis Grain Exchange in 2020.
Based in Miami, MIAX has grown from a single options exchange to a global trading company that provides access to US and international capital markets. It operates the 14th largest derivatives exchange group in the world, according to its website. MIAX launched its first equities exchange, MIAX Pearl Equities, in 2020, and entered into a partnership with Lukka to develop and launch a suite of crypto derivatives last year.
The acquisition of LedgerX by MIAX is an example of its continuing efforts to monetize assets to deliver recoveries to stakeholders, according to Ray. The deal will provide LedgerX with a strong platform for growth in the crypto industry, while giving MIAX a strategic advantage in this fast-growing market.
Last year, a number of crypto companies collapsed and entered bankruptcy proceedings, with Celsius Network Ltd. facing a three-way auction set for Tuesday. Binance.US also terminated an agreement to purchase Voyager Digital Holdings, citing a “hostile and uncertain regulatory climate in the United States.”
In conclusion, the acquisition of LedgerX by MIAX is a significant move in the crypto industry that could provide a competitive edge for both companies. With MIAX’s extensive experience in capital markets and its growing presence in the derivatives exchange market, the acquisition of LedgerX technology is expected to enhance its position in the fast-evolving crypto market.
