This article comes fromBloombergBloomberg

Odaily Translator | Nian Yin Si Tang

, Original Author: Gillian Tan & Lydia Beyoud & Allyson Versprille

Odaily Translator | Nian Yin Si Tang

One of the few solvent assets in Sam Bankman-Fried's (SBF) bankrupt FTX empire, LedgerX (rebranded as FTX US Derivatives after being acquired by FTX US last year) is for sale, according to people familiar with the matter. It has attracted interest from potential buyers including cryptocurrency industry giants Blockchain.com and Gemini.

The company, which is registered as a derivatives exchange with the U.S. Commodity Futures Trading Commission (CFTC), is the cornerstone of SBF's efforts in Washington. It is also considered one of the most valuable assets associated with FTX after more than 100 other entities filed for bankruptcy.

FTX's new chief executive, John J. Ray III, and restructuring advisers have been poring over the company's books for cash, cryptocurrencies and assets that can be sold to help repay creditors. LedgerX had about $303 million in cash as of Nov. 17 when it filed for bankruptcy, and it's unclear how much the sale could fetch.

In addition to Blockchain.com and Gemini, cryptocurrency exchange Bitpanda and event contract trading platform Kalshi, which is also registered with the CFTC and uses LedgerX for clearing transactions, have also expressed interest, people familiar with the matter said. There are about a half-dozen other potential buyers, with more likely on the way, one of the people said.

Representatives for LedgerX, FTX, Blockchain.com, Gemini and Kalshi did not respond to requests for comment. Bitpanda CEO Eric Demuth said in an email that the company is not interested in the acquisition and is not considering it.

There are signs the talks are getting serious, with at least some parties signing non-disclosure agreements, some of the people said.After being acquired by FTX US last year, LedgerX sought approval for a controversial plan to clear crypto derivatives trades without intermediaries. LedgerX withdrew its CFTC filing as the entire corporate group of FTX filed for bankruptcy.According to sources familiar with the matter,

LedgerX Is Preparing To Offer $175 Million For FTX's Bankruptcy Proceedings

. The funds, which could move as early as Wednesday, come from a $250 million fund set aside by LedgerX to secure regulatory approval to clear cryptocurrency derivatives trades without intermediaries.

FTX US Derivatives was not included in the bankruptcy filing for FTX’s US operations, which Behnam said was due to the CFTC being very clear about its oversight. The derivatives trading business was registered with the CFTC long before it was acquired by FTX. The CFTC is in direct contact with the firm and its custodian on a daily basis to ensure client assets are being properly managed.expressAs early as early November, FTX US Derivatives CEO Zach Dexter shared a letter from LedgerX LLC to customers on Twitter. in the letter

express