FTX To Sell Crypto Derivatives Platform LedgerX for $50M

FTX had offered crypto derivatives to US traders via LedgerX since 2021, about a year before Sam Bankman-Fried went bust

article-image

mundissima/Shutterstock, modified by Blockworks

share

FTX intends to sell its US-based crypto derivatives exchange LedgerX to M7 Holdings, a subsidiary of an options platform operating out of New Jersey.

The bankruptcy estate of Sam Bankman-Fried’s former crypto exchange is expected to generate $50 million from the transaction.

M7 Holdings’ owner, Miami International Holdings (MIH), runs derivatives-focused Miami International Securities Exchange (MIAX). 

“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,” John J. Ray III, FTX’s CEO and chief restructuring officer, said in a statement.

A hearing to authorize the sale has been scheduled for May 4 before Judge John T. Dorsey of the United States Bankruptcy Court for the District of Delaware, according to a court filing

MIAX teamed up with crypto data provider Lukka last year to introduce a suite of crypto derivatives. The deal with LedgerX is expected to enhance MIAX’s crypto footprint.

The auction for LedgerX, previously scheduled for March, took place on April 4. FTX’s US affiliate acquired LedgerX in Oct. 2021 for an undisclosed sum, which opened crypto derivatives trade to local users.

Earlier this year, FTX secured approval to sell LedgerX and sell three other affiliated businesses — while they still carried value — to generate funds to pay back creditors. 

Bankruptcy lawyers for FTX said the entities had “solvent balance sheets, independent management and valuable franchises.” At the time, FTX said over 100 parties had shown interest in purchasing one or more of the businesses.

FTX CEO Ray confirmed separately that Miami-headquartered LedgerX operated independently from FTX’s other operations, which were allegedly riddled with fraud. FTX is estimated to have more than one million creditors, with the top 50 owed $3 billion.

“My understanding is that LedgerX maintains segregated customer accounts as well as its own books and records in accordance with applicable [Commodity Futures Trading Commission] regulations,” he said. 


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (11).png

Research

Union’s technical design brings measured improvements to crosschain interoperability. By combining a consensus-verified hub with novel constructs like state lenses and ZK proofs for client updates, Union achieves an interoperability protocol that is highly performant, trust-minimized, and scalable.

article-image

Fundstrat’s chief investment officer may be the apex bull

article-image

MetaMask now lets users create and restore wallets via social accounts

article-image

Filing seeks to expand regulated crypto exposure, with Coinbase Custody as fund custodian

article-image

Hyperliquid’s fundamentals continue to improve, yet its valuation remains discounted compared to other L1s

by Carlos /
article-image

A strategic VC move positions Polymarket for US return amid evolving regulatory clarity, according to Axios

article-image

Deal links Trump Media platforms with Crypto.com wallet and token rewards