Robinhood and Susquehanna take majority stake in exchange platform LedgerX
Summary
Robinhood Markets and Susquehanna International Group have agreed to acquire a 90% stake in LedgerX from Miami International Holdings (MIAX), forming a joint venture to operate a futures and derivatives exchange and clearinghouse. MIAX will retain a 10% stake. LedgerX — previously part of the FTX group and bought by MIAX from the FTX bankruptcy estate in 2023 for $50m — will be relaunched with closing expected in Q1 2026 and operations planned the same year.
The move comes amid rising institutional interest in event-driven and prediction-market trading in the US following regulatory shifts and growing commitments from major market players. The article highlights recent activity in the sector, including partnerships and capital commitments involving Polymarket, InPlay Global, MEMX, Kalshi, CME Group and CBOE.
Key Points
- Robinhood and Susquehanna will jointly acquire a 90% stake in LedgerX; MIAX keeps 10%.
- The platform will operate as a futures and derivatives exchange and clearinghouse under the joint venture.
- LedgerX was acquired by MIAX from the FTX bankruptcy estate in 2023 for $50m.
- Transaction closing is expected in Q1 2026, with operations launching later in 2026.
- The deal reflects growing institutional interest in prediction and event-driven markets after regulatory developments in the US.
- Other industry moves cited: Polymarket commitments, InPlay–MEMX partnership, Kalshi’s high valuation, and interest from CME and CBOE.
Why should I read this?
Quick take: big names are muscling into prediction markets. If you care about where markets, derivatives and event-based trading are heading — or how mainstream brokerages are expanding product lines — this is one to skim. It signals that prediction markets are moving from niche to mainstream, with serious capital and regulated infrastructure behind them.
