Robinhood and Susquehanna Acquire LedgerX to Expand into Prediction Markets

Robinhood Markets and Susquehanna International Group have agreed to acquire 90% of regulated exchange LedgerX from Miami International Holdings, in a deal that pushes the US retail trading giant deeper into event-driven crypto markets. The partners will operate LedgerX as an independent exchange through a new joint venture, with Robinhood as the controlling partner, while Miami International Holdings retains a strategic 10% stake. Financial terms of the acquisition remain undisclosed.

LedgerX was previously part of the collapsed FTX empire and was acquired by Miami International Holdings out of FTX’s bankruptcy estate in 2023 for $50 million. The new venture will acquire MIAXdx, which holds approvals as a Designated Contract Market, Derivatives Clearing Organization, and Swap Execution Facility, providing a ready-made regulatory platform for Robinhood and Susquehanna.

Robinhood is introducing a new futures and derivatives exchange and clearinghouse, specifically designed for prediction markets, with operations expected to begin in 2026. The exchange will serve Robinhood Derivatives and other futures commission merchants, offering an institutional-grade venue for traders to bet on real-world events through crypto-style contracts.

JB Mackenzie, Vice President and General Manager of Futures and International at Robinhood, stated, "Robinhood is seeing strong customer demand for prediction markets, and we’re excited to build on that momentum. Our investment in infrastructure will position us to deliver an even better experience and more innovative products for customers."

Prediction markets have become Robinhood’s fastest-growing product line by revenue, with customers trading approximately 9 billion contracts across more than 1 million accounts in the first year since launch. Susquehanna will serve as a day-one liquidity provider, with plans to add more market makers to ensure competitive spreads and execution quality.

The deal aligns with growing mainstream interest in prediction markets, fueled by a federal court overturning a Commodity Futures Trading Commission prohibition on election-betting last year. Other industry players, such as Intercontinental Exchange investing in Polymarket and Kalshi achieving an $11 billion valuation, highlight strong investor appetite for event-driven trading platforms.