Robinhood and Susquehanna Reach Agreement to Purchase LedgerX for Expansion of Prediction Markets

Robinhood Markets and Susquehanna Group have reached an agreement to purchase 90% of the regulated exchange LedgerX from Miami International Holdings, a transaction that further entrenches the US retail trading leader in event-driven cryptocurrency markets as interest in prediction platforms grows.

The collaborators intend to operate LedgerX as an independent exchange through a new joint venture, with Robinhood serving as the controlling entity.

Miami International Holdings will retain a strategic 10% ownership stake. The financial specifics of the agreement have not been disclosed.

LedgerX was previously part of the collapsed crypto exchange FTX. Miami International acquired it from FTX’s bankruptcy estate in 2023 for $50 million and integrated it into its operations.

The new venture will also take over MIAXdx, the LedgerX entity that holds approvals as a Designated Contract Market, Derivatives Clearing Organization, and Swap Execution Facility, providing Robinhood and Susquehanna with an established regulatory framework.

Robinhood is launching a new futures and derivatives exchange and clearinghouse, enhancing our investment in Prediction Markets and positioning us to offer innovative products to our customers.
More in our newsroom: https://t.co/Hqv6EMXZiD pic.twitter.com/JXDkp3c2Tr

— Robinhood (@RobinhoodApp) November 25, 2025

New Venue Targets Growing Appetite For Prediction Markets

Robinhood stated that the agreement will facilitate the establishment of a futures and derivatives exchange and clearinghouse designed with prediction markets in mind. This exchange will cater to Robinhood Derivatives and other futures commission merchants, with operations anticipated to commence in 2026, creating a new institutional-grade venue for traders interested in wagering on real-world events through crypto-style contracts.

“Robinhood is experiencing significant customer interest in prediction markets, and we’re eager to build on that momentum,” remarked JB Mackenzie, vice president and general manager of futures and international at Robinhood. “Our investment in infrastructure will enable us to provide an even better experience and more innovative products for our customers.”

Internally, prediction markets have already emerged as one of Robinhood’s primary growth drivers.

The company reports that in the first year following launch, customers traded approximately 9 billion contracts across over 1 million accounts, making event contracts its fastest-growing product line by revenue and instilling confidence to invest in a dedicated exchange and clearing infrastructure.

Susquehanna Joins As Liquidity Anchor For New Prediction Venue

Susquehanna, a leading proprietary trading and market-making firm in global derivatives, will participate as a day-one liquidity provider. The joint venture aims to incorporate additional market makers over time, striving to maintain tight spreads and competitive execution quality for both Robinhood’s retail users and institutional clients accessing the venue through other intermediaries.

This agreement comes as prediction markets transition from niche segments of the crypto space into mainstream finance in the US. Interest surged after a federal court dismissed a Commodity Futures Trading Commission ban on election-betting last year, allowing regulated platforms to offer contracts linked to political and other real-world outcomes.

Traditional market infrastructure is responding to the financial opportunities. Intercontinental Exchange, the owner of the New York Stock Exchange, agreed in October to invest up to $2 billion in Polymarket.

Kalshi, another major player in the sector, recently achieved a valuation of around $11 billion in a fundraising round, according to a TechCrunch report, indicating strong investor interest in event-driven trading venues.

Tech Giants Bring Visibility To Crowd-Priced Event Markets

Major derivatives exchanges are also exploring this area. CME Group and Cboe have both outlined intentions to enter prediction markets, betting that event contracts can coexist with more established products such as equity index futures and listed options.

Crypto-native institutions are positioning themselves as liquidity providers for this emerging market structure. Mike Novogratz’s Galaxy Digital is in discussions with Polymarket and Kalshi about serving as a market-maker, placing bids and offers that can enhance order books and facilitate large traders in entering and exiting positions tied to various events, from elections to macroeconomic releases.

Significant technology platforms are adding another layer of visibility. Google Finance recently announced it will start displaying live data from Polymarket and Kalshi, allowing users who inquire about future events to see how crowd odds are changing in real time, alongside more conventional market data.

For Robinhood and Susquehanna, the LedgerX agreement provides a streamlined entry into this expanding ecosystem, merging a crypto-savvy retail base, institutional market making, and a fully licensed derivatives venue.

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