The companies are acquiring a 90% stake in LedgerX, which was a part of now-defunct crypto exchange FTX. The platform began operating under the MIAX umbrella after parent company Miami International Holdings acquired LedgerX from the FTX bankruptcy proceedings in 2023 for $50 million.
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“Robinhood is seeing strong customer demand for prediction markets, and we’re excited to build on that momentum,” said JB Mackenzie, vice president and general manager of futures and international at Robinhood.
Robinhood said that following the transaction, it will introduce a futures and derivatives exchange and clearinghouse, in a joint venture with Susquehanna. Financial details of the transaction were not disclosed, but MIAX will continue to hold a 10% stake in LedgerX.
“Through our retained equity stake, the transaction announced today will provide MIAX with access to the growing prediction markets on an expedited basis,” said Thomas Gallagher, chairman and CEO of MIAX.
The transaction is expected to close in the first quarter of 2026, and the exchange is expected to begin operations in the same year.
The moves come at a time when the business of prediction markets is attracting unprecedented mainstream interest in the U.S. Prediction markets have received a major boost since a U.S. federal court dismissed a CFTC prohibition on election betting last year.
Reporting by Rishabh Jaiswal in Bengaluru; Editing by Anirban Sen and Sonia Cheema
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