MIH to Acquire LedgerX

Cleary Gottlieb is representing Miami International Holdings Inc. (MIH) in its pending acquisition of LedgerX LLC (LedgerX) from Ledger Holdings Inc. in connection with the Chapter 11 bankruptcy proceedings involving FTX Trading Ltd. (FTX) and its affiliated debtors.

The transaction was announced on April 25, 2023.

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.

MIH is the sole owner of three U.S. national securities exchanges—Miami International Securities Exchange LLC (MIAX), MIAX Pearl LLC, which operates MIAX Pearl Options and MIAX Pearl Equities (MIAX Pearl), and MIAX Emerald LLC (MIAX Emerald; collectively with MIAX and MIAX Pearl, the MIAX Exchange Group); the Minneapolis Grain Exchange LLC, a designated contract market (DCM) and Derivatives Clearing Organization (DCO); and the Bermuda Stock Exchange. Each facility operating within the MIAX Exchange Group is a fully electronic exchange and self-regulatory organization registered with the U.S. Securities and Exchange Commission.

LedgerX is a Commodity Futures Trading Commission (CFTC) regulated exchange and clearinghouse headquartered in Miami, Florida and is registered as a DCM, DCO, and Swap Execution Facility (SEF) with the CFTC. LedgerX is the futures and options exchange and clearinghouse unit of FTX. FTX filed for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on November 11, 2022.

For more information, please see the press release here.