The U.S. subsidiary of crypto exchange FTX has announced it is moving forward with an acquisition of the digital currency futures and options exchange LedgerX.
FTX.US, the American arm of the Hong Kong–based derivatives exchange FTX, has acquired Ledger Holdings, the parent company of LedgerX — a well-established U.S. platform for trading digital-asset derivatives. FTX.US announced the deal as part of its effort to expand and diversify within the derivatives market.
LedgerX operates as a designated contract market, swap execution facility, and clearinghouse. It is the first approved U.S. derivatives platform for digital assets and is regulated by the Commodity Futures Trading Commission (CFTC). According to reports, LedgerX has cleared more than 10 million crypto options and swap contracts over its four years of operation.
The transaction was reported to be potentially completed in October 2021 for an undisclosed sum. Additional financial details have not been released at this time. If finalized, the acquisition could be significant for FTX, enabling FTX.US to add futures and options to its U.S. product lineup.
LedgerX’s product offering has been focused rather than broad, concentrating primarily on futures, options, and swaps for Bitcoin and Ethereum. By completing the acquisition, FTX.US would be better positioned to compete with other U.S.-based trading platforms, including Nasdaq-listed exchanges and major crypto firms like Coinbase and Gemini.
Commenting on the acquisition, FTX.US CEO Brett Harrison said, “This acquisition marks an important milestone for our rapidly growing U.S. business and is a key part of our strategy to offer regulated crypto derivatives to our American user base. We believe combining our technical capabilities, product suite, and substantial balance sheet with LedgerX will strengthen our ability to deliver innovative products to all U.S. crypto traders.”
Harrison described the deal as well-aligned with FTX’s broader strategy and explained that the combined entity will serve both retail and institutional clients. He indicated the plan is to maintain LedgerX’s existing operations while FTX.US determines the best approach to integrate LedgerX’s regulated futures and options offerings into its platform.
FTX.US also emphasized its intention to preserve strong relationships with regulators, noting in its announcement that it will dedicate significant resources to maintaining constructive engagement with U.S. authorities, particularly the CFTC.