Companies • May 19, 2023, 2:13PM EDT

MIAX completes acquisition of options exchange LedgerX

Quick Take

MIAX has acquired LedgerX as part of FTX bankruptcy proceedings.
The deal comes amid robust trading in crypto options market.

MIAX said it has acquired LedgerX from Ledger Holdings Inc. as part of the bankruptcy proceedings of cryptocurrency exchange FTX.

The deal comes amid robust trading in the crypto options market, the arena in which LedgerX operates.

FTX US bought LedgerX in 2021 as part of a push into derivatives push in the United States. Through LedgerX, FTX US sought approvals to launch a wide range of crypto derivatives which they could then offer directly to users. LedgerX is registered with the Commodity Futures Trading Commission.

"The acquisition of LedgerX represents an important part of our growth strategy, expanding our ability to offer new and innovative products to the swaps and futures industry," Thomas Gallagher, chairman and CEO of MIAX's parent company Miami International Holdings, Inc. said in a statement. "We are pleased to complete this acquisition ... as we continue to execute on our strategy of operating regulated financial markets both in the U.S. and internationally."

Founded in 2014, LedgerX was an early entrant to the cryptocurrency options market. The firm, however, struggled to trade higher volumes. The company is led by CEO Zach Dexter.