M7 Holdings Acquires LedgerX for $50 Million
Acquisition of LedgerX by M7 Holdings
M7 Holdings LLC has successfully acquired LedgerX, a crypto derivatives trading platform, for $50 million. This transaction was sanctioned by the U.S. Bankruptcy Court in Delaware, which approved the sale as part of the ongoing FTX bankruptcy proceedings.
Background of LedgerX Sale
LedgerX, previously owned by FTX, was initially purchased by FTX.US in August 2021 for $298 million to boost its trading services. However, the subsequent bankruptcy of FTX led to a court-supervised asset liquidation, including the sale of LedgerX to repay creditors.
Court Approval and Process
The U.S. Bankruptcy Court, led by Judge John Dorsey, quickly approved the sale after no objections were raised. This approval followed a hearing where the court's decision was expedited, reflecting the smooth execution of the process.
Role of Miami International Holdings
Miami International Holdings, Inc (MIH), the parent company of M7 Holdings, played a crucial role in the acquisition. The firm, known for operating exchanges like the Minneapolis Grain Exchange, expressed enthusiasm for incorporating LedgerX into its portfolio.
Strategic Implications
The acquisition is a strategic move for M7 Holdings, expanding its reach in the crypto derivatives market. It also highlights FTX's efforts to liquidate assets and provide recoveries to its stakeholders, as emphasized by FTX’s restructuring head and CEO, John J. Ray.
Conclusion
The acquisition of LedgerX by M7 Holdings marks a pivotal moment in the crypto trading landscape. This move underscores the ongoing shifts within the industry and reflects strategic adaptations by key market players amidst financial restructuring efforts.
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