• Deal: Robinhood and Susquehanna purchase 90% of MIAXdx (previously LedgerX) to handle derivatives infrastructure.
• Property: The acquisition gives a CFTC-approved change and clearinghouse, permitting Robinhood to record its personal contracts.
• Progress: Robinhood customers commerce 9 billion forecast contracts, driving a transfer in the direction of vertical integration.

Robinhood Markets is trying to personal the infrastructure behind its fast-growing product line. The brokerage agency has agreed to amass a majority stake in MIAX Derivatives Change (MIAXdx), a CFTC-regulated platform previously often known as LedgerX, in a strategic three way partnership with market maker Susquehanna Worldwide Group (SIG).

The transaction is anticipated to shut within the first quarter of 2026 and is geared toward vertical integration. By buying MIAXdx from Miami Worldwide Holdings (MIAX), Robinhood features prompt entry to the Designated Contract Market (DCM) and Derivatives Clearing Group (DCO).

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This dual-licensing construction permits Robinhood to record, execute, and liquidate its personal occasion contracts and crypto derivatives, eliminating dependence on third-party venues. Robinhood presently presents prediction markets via companions. Proudly owning the stack permits for quicker product itemizing and improves economics. “Our investments in infrastructure will enable us to ship a greater expertise and extra modern merchandise,” stated JB McKenzie, Robinhood’s vp of futures.

Legacy of “LedgerX”

MIAXdx is the rebranded entity of LedgerX, the derivatives platform owned by FTX US till it was offered to MIAX throughout chapter proceedings in 2023. Robinhood’s acquisition successfully brings this veteran regulated asset below the corporate’s umbrella.

Beneath the phrases of the settlement, MIAX will retain a ten% minority stake, guaranteeing continuity because the platform pivots to retail-focused occasion contracts.

Susquehanna’s position: liquidity engine

The partnership with Susquehanna is geared toward fixing the “chilly begin” drawback inherent to new exchanges. As a founding companion of the three way partnership, SIG will act as the first market maker and supply day-one liquidity for brand new contracts.

This institutional help is essential to stabilizing spreads in prediction markets, which might endure from volatility throughout high-traffic occasions corresponding to elections.

Quantity value your cash

The transfer comes as Robinhood studies explosive progress within the sector. Since launching Occasion Contracts earlier this 12 months (initially via a partnership with Kalsi), the platform has recorded over 9 billion contracts traded by over 1 million clients.

This surge in quantity remodeled prediction markets from a distinct segment experiment right into a core income driver, justifying the capital funding to deliver the infrastructure in-house.

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