Robinhood and Susquehanna take majority stake in exchange platform LedgerX

The US prediction market sector is drawing more large financial institutions, with Robinhood Markets and Susquehanna International Group striking a deal to take control of LedgerX from Miami International Holdings and launch a futures and derivatives exchange and clearinghouse.

Robinhood said that following the transaction, the new platform will operate through a joint venture with Susquehanna. Miami International Holdings will retain a 10% stake in LedgerX.

“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.

Licensed infrastructure originating from FTX restructuring

Reuters reported that under the agreement, Robinhood and Susquehanna will acquire a 90% stake in LedgerX, which previously operated under the now-defunct FTX group. Miami International Holdings bought LedgerX out of the FTX bankruptcy estate in 2023 for $50 million, bringing the regulated entity under its MIAX umbrella.

“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.

Closing is expected in the first quarter of 2026, with a launch of operations scheduled within the same year.

Growing interest in event-driven trading

Rvent-based financial contracts have gained wider attention in the US since a federal court decision last year dismissed a Commodity Futures Trading Commission prohibition on election betting.

InPlay Global recently announced a partnership with MEMX for a platform tied to the performance of sports teams. Intercontinental Exchange committed up to $2 billion in October to Polymarket, a prediction market operator.

Kalshi was reported by TechCrunch to hold an $11 billion valuation in its most recent fundraising round. CME Group and CBOE have also disclosed intentions to enter prediction markets.