Robinhood Buys MIAXdx to Own Prediction Market Stack

• The Deal: Robinhood and Susquehanna are buying 90% of MIAXdx (formerly LedgerX) to control their derivatives infrastructure.
• The Asset: The acquisition provides a CFTC-licensed exchange and clearinghouse, allowing Robinhood to list its own contracts.
• The Growth: Robinhood users have traded 9 billion prediction contracts, driving the move toward vertical integration.

Robinhood Markets is moving to own the infrastructure behind its fastest-growing product line. The brokerage has agreed to acquire a majority stake in the MIAX Derivatives Exchange (MIAXdx), the CFTC-regulated platform formerly known as LedgerX, in a strategic joint venture with market maker Susquehanna International Group (SIG).

The deal, expected to close in Q1 2026, is a play for vertical integration. By purchasing MIAXdx from Miami International Holdings (MIAX), Robinhood gains immediate access to a Designated Contract Market (DCM) and a Derivatives Clearing Organization (DCO.

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This dual-license structure allows Robinhood to list, execute, and clear its own event contracts and crypto derivatives, removing reliance on third-party venues. Currently, Robinhood offers prediction markets through partners; owning the stack allows for faster product listing and better economics. “Our investment in infrastructure will position us to deliver an even better experience and more innovative products,” said JB Mackenzie, VP of Futures at Robinhood.

The “LedgerX” Legacy

MIAXdx is the rebranded entity of LedgerX, the derivatives platform previously owned by FTX US before being sold to MIAX during the exchange’s bankruptcy proceedings in 2023. Robinhood’s acquisition effectively brings this battle-tested regulatory asset under its umbrella.

Under the terms of the deal, MIAX will retain a 10% minority stake, ensuring continuity as the platform pivots toward retail-focused event contracts.

Susquehanna’s Role: The Liquidity Engine 

The partnership with Susquehanna is designed to solve the “cold start” problem inherent in new exchanges. As a founding partner in the joint venture, SIG will act as the primary market maker, providing day-one liquidity for the new contracts. 

This institutional backing is critical for stabilizing spreads in prediction markets, which can suffer from volatility during high-traffic events like elections.

Volume Justifies the Spend

The move comes as Robinhood reports explosive growth in the segment. Since launching event contracts earlier this year (initially via a partnership with Kalshi), the platform has recorded over 9 billion contracts traded by more than 1 million customers. 

This volume surge has transformed prediction markets from a niche experiment into a core revenue driver, justifying the capital expenditure to bring the infrastructure in-house.

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