ROBINHOOD MIAXDX to control derivatives via SIG tie-up

In a bid to deepen control over its fast-growing prediction markets business, Robinhood miaxdx is emerging as a new fulcrum for its derivatives strategy.

Why is Robinhood buying into MIAXdx now?

Robinhood Markets has agreed to acquire a majority stake in the MIAX Derivatives Exchange (MIAXdx), a CFTC-regulated platform formerly known as LedgerX, in a joint venture with market maker Susquehanna International Group (SIG). The deal, announced ahead of an expected close in Q1 2026, marks a decisive shift toward vertical integration of its derivatives and prediction products.

Under the agreement, Robinhood and Susquehanna will purchase 90% of MIAXdx from Miami International Holdings (MIAX), while MIAX retains a 10% minority stake. This structure keeps MIAX involved as the platform pivots further toward retail-focused event contracts, while handing operational control to Robinhood and its trading partner. Moreover, it instantly gives Robinhood a deeply regulated venue.

The asset Robinhood is buying is not just an exchange brand. It is a fully licensed Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), giving Robinhood direct exchange and clearing capabilities. That said, this also removes the companys dependence on third-party venues for listing and clearing its own event contracts and crypto derivatives.

What does full-stack derivatives control unlock for Robinhood?

By gaining both DCM and DCO licenses through MIAXdx, Robinhood can list, execute, and clear its own contracts under one regulated roof. This integrated model allows faster product launches, more flexible contract design, and potentially tighter pricing for users. Currently, Robinhood offers prediction markets through partners, which adds both latency and cost to new listings.

Bringing the infrastructure in-house transforms the economics of its growing prediction business. Instead of paying external platforms for access and clearing, Robinhood will run its own exchange and clearinghouse for these products. Moreover, it can align product innovation, risk management, and customer experience around a single stack.

“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 move underscores how the firm now views prediction and event-linked contracts as a strategic pillar, rather than a side experiment bolted onto its core brokerage.

How does the LedgerX history shape the MIAXdx platform?

MIAXdx is the rebranded successor to LedgerX, a derivatives platform previously owned by FTX US. During FTXs bankruptcy proceedings in 2023, LedgerX was one of the few assets sold in a relatively orderly fashion, ultimately ending up with MIAX. This background gives the platform a tested regulatory and operational footprint.

LedgerX operated for years under CFTC oversight, building robust clearing and risk systems before the FTX collapse. However, its association with that period also made regulatory continuity crucial when MIAX took over. Robinhoods pending purchase now brings this battle-tested infrastructure under the umbrella of a mainstream US retail brokerage with millions of customers.

Under the new structure, MIAX keeps a 10% stake, anchoring institutional memory while the platform shifts its focus toward high-volume, retail-facing event contracts. Moreover, that minority position may help assure regulators that existing compliance frameworks and governance expertise remain in place even as the business model evolves.

How critical is Susquehannas role as liquidity engine?

A key design feature of the deal is the role of Susquehanna International Group as founding partner and primary market maker. New exchanges often struggle with the “cold start” problem: without initial liquidity, spreads are wide and users stay away. Susquehannas presence is meant to solve that on day one.

As a globally active proprietary trading firm, Susquehanna can quote tight markets across a wide range of event contracts and crypto-linked products. This institutional liquidity should help stabilize pricing, especially during high-traffic periods such as national elections or major macroeconomic announcements. Moreover, reliable liquidity is vital if Robinhood hopes to migrate heavy volumes from partner platforms.

By formalizing Susquehannas role inside the joint venture, Robinhood also anchors an institutional-grade market-maker to its retail flow. That said, the eventual success of the venue will still depend on attracting additional liquidity providers and maintaining robust risk controls during stress events.

What does user activity reveal about Robinhoods prediction markets?

The push for control over MIAXdx is backed by striking usage data. Since launching event contracts earlier this year via a partnership with Kalshi, Robinhood reports that its customers have traded more than 9 billion contracts. Over 1 million users have participated, turning what was once a niche product into a significant flow source.

This surge in trading activity has effectively transformed prediction markets into a core revenue driver for the brokerage. Vertical control over the exchange and clearing stack is therefore less about experimentation and more about cost efficiency, speed, and long-term strategic positioning. Moreover, these numbers demonstrate that retail demand for structured event exposure is far from marginal.

Against that backdrop, the robinhood miaxdx transaction serves as a logical step in consolidating both technology and regulation under Robinhoods direct management. It also signals to competitors that the firm intends to compete not just as a front-end app, but as a full-stack derivatives operator.

Could MIAXdx become a broader crypto and event derivatives hub?

While the immediate focus is on event contracts popular with Robinhoods retail base, the MIAXdx licenses support a wider menu of derivatives. Over time, the platform could host a range of crypto options and futures, as well as other event-based instruments. However, expansion will depend on regulatory comfort and the firms risk appetite.

For Robinhood, owning an exchange and clearinghouse may also create optionality beyond its existing app. The firm could, in theory, open some MIAXdx products to institutional participants, or explore new structured products that bridge traditional markets and digital assets. Moreover, the combination of a regulated DCM and DCO with deep retail distribution is rare in the current US market structure.

In summary, Robinhoods planned majority acquisition of MIAXdx, backed by Susquehannas liquidity and MIAXs residual stake, marks a major step in its evolution from brokerage front end to vertically integrated derivatives player. If executed as planned in Q1 2026, it could turn a once-obscure LedgerX asset into a central venue for retail-facing event and crypto derivatives in the United States.

Keyword principale: robinhood miaxdx