Robinhood Markets is deepening its presence in prediction and derivatives markets through a new joint venture with Susquehanna International Group, a leading global trading and market-making firm.
The two companies announced on Tuesday that they will acquire a 90% stake in LedgerX, a regulated derivatives exchange and clearinghouse currently operated by Miami International Holdings (MIAX). MIAX will retain a 10% equity stake in the platform. The transaction is scheduled to close in the first quarter of 2026, with the new exchange expected to begin operations later the same year.
“Robinhood is seeing strong customer demand for prediction markets, and we’re excited to build on that momentum,” said JB Mackenzie, Vice President and General Manager of Futures and International at Robinhood. “Our investment in infrastructure will position us to deliver an even better experience and more innovative products for customers.”
Following the acquisition, Robinhood and Susquehanna plan to introduce a futures and derivatives exchange and clearinghouse, operating under federal licenses from the U.S. Commodity Futures Trading Commission (CFTC). MIAX, which acquired LedgerX from the FTX bankruptcy proceedings in 2023 for $50 million, said it will remain invested in the exchange as markets continue to evolve.
“Through our retained equity stake, the transaction announced today will provide MIAX with access to the growing prediction markets on an expedited basis,” said Thomas Gallagher, Chairman and CEO of MIAX.
Building a regulated exchange for event-driven products
The new exchange will be an independent joint venture with Robinhood serving as the controlling partner and Susquehanna acting as a day-one liquidity provider, ensuring strong market participation from the outset. The venture will accelerate its timeline by acquiring MIAXdx, a Designated Contract Market (DCM), Derivatives Clearing Organization (DCO), and Swap Execution Facility (SEF) licensed by the CFTC.
The exchange will offer futures and derivative products, including prediction markets, while serving Futures Commission Merchant (FCM) platforms such as Robinhood Derivatives. It aims to deliver a robust, institutional-grade infrastructure to support both retail and professional traders seeking exposure to event-based contracts and market forecasts.
Prediction markets have rapidly become Robinhood’s fastest-growing product line by revenue, according to company data. Since launching its prediction markets feature, over 9 billion contracts have been traded by more than one million customers. By creating a purpose-built exchange, Robinhood expects to provide a broader range of investment opportunities and deeper liquidity for these emerging products.
Renewed momentum for prediction markets in the U.S.
The announcement comes during a period of surging interest in prediction markets across the United States. The space has experienced rapid regulatory and commercial progress since a U.S. federal court lifted a CFTC ban on election betting last year, clearing the path for federally regulated event-driven trading platforms.
In addition to Robinhood’s new venture, several major developments have reshaped the market landscape in recent months. Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, announced a $2 billion investment in Polymarket, the world’s largest prediction market, in October. Meanwhile, Kalshi, another CFTC-regulated platform, was recently valued at $11 billion following a major funding round.
Earlier this month, InPlay Global also revealed a partnership with exchange operator MEMX to enable trading of securities tied to the performance of sports teams, signaling further diversification within the event-trading sector.
MIAX’s and Robinhood’s strategic vision
The deal positions Robinhood as one of the few retail-focused financial firms with a direct foothold in a CFTC-regulated exchange and clearinghouse, reinforcing its ambitions to bridge retail investing and professional-grade markets.
“By introducing a robust, institutional-grade exchange to the market, we’ll add more choices for consumers,” Robinhood stated. “We’ll also gain the flexibility to build faster and deliver more contracts and services to traders.”
For MIAX, the retained stake provides both strategic exposure and recurring access to revenue opportunities as new products, including event contracts and prediction-based futures, gain mainstream traction.
The LedgerX acquisition and joint venture launch further align with Robinhood’s goal of creating diverse, compliant platforms for a new generation of investors seeking both traditional and innovative financial instruments. The companies expect the transaction to finalize after receiving regulatory approvals and satisfying standard closing conditions.
As prediction markets move closer to the financial mainstream, the Robinhood-Susquehanna exchange could play a central role in shaping the future of regulated event-based trading in the United States.
Anastasiia G
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