FTX announced that it has entered into a purchase agreement with an affiliate of Miami International Holdings to sell its futures and options exchange and clearinghouse LedgerX.
FTX said in a statement that the total proceeds of the transaction would total about $50 million. The deal still requires the approval of the United States Bankruptcy Court for the District of Delaware. A hearing on the deal is set for May 4. FTX stated it reached a deal with M7 Holding, a family private equity investment firm based in Akron, Ohio. That firm is an affiliate of Miami International Holdings, which operates several exchanges in the United States and abroad, including the Minneapolis Grain Exchange and the Bermuda Stock Exchange.Mark Wetjen, former CFTC Commissioner and later head of policy + regulatory strategy at FTX US, has been sitting on the board of LedgerX since 2015.