FTX Trading Ltd. (d.b.a. FTX.com) and its affiliated debtors (together, the FTX Debtors) today announced that, following a comprehensive sale process as part of their Chapter 11 proceedings.
They have entered into an interest purchase agreement with M7 Holdings, LLC, an affiliate of Miami International Holdings, Inc. (“MIH”), for the sale of LedgerX LLC, the futures and options exchange and clearinghouse unit of FTX.
The total proceeds to the FTX Debtors resulting from the transactions are expected to be approximately $50 million.
John J. Ray III, Chief Executive Officer and Chief Restructuring Officer of the FTX Debtors said: “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.”
The transaction is subject to customary closing conditions, including approval of the U.S. Bankruptcy Court. A sale hearing to approve the transaction is currently scheduled for May 4, 2023.