Robinhood and Susquehanna Acquire LedgerX to Expand Prediction Markets

On November 25, 2025, Robinhood Markets Inc. and Susquehanna International Group announced their acquisition of a 90% stake in LedgerX, a regulated derivatives exchange previously associated with the now-defunct cryptocurrency exchange FTX. This acquisition, facilitated through Miami International Holdings (MIAX), positions Robinhood and Susquehanna to significantly enhance their presence in the burgeoning prediction markets sector. MIAX will retain a 10% stake in LedgerX, which it acquired for $50 million during FTX's bankruptcy proceedings in 2023.

ReutersCityLabRobinhood’s Prediction Market Outpaces Rivals With 9 Billion Contracts and 1 Million UsersPrediction markets are Robinhood’s fastest-growing money maker

The acquisition comes at a time of increasing interest in prediction markets, particularly following a U.S. federal court's dismissal of a Commodity Futures Trading Commission (CFTC) prohibition on election betting. This legal shift has spurred a surge in trading volumes across various platforms. Since launching its prediction markets in March 2025, Robinhood has reported trading of over nine billion contracts by more than one million users, indicating strong demand for such products.

Prediction markets are Robinhood’s fastest-growing money makerRobinhood’s Prediction Market Outpaces Rivals With 9 Billion Contracts and 1 Million UsersReutersCityLab

Robinhood's investment aims to establish a futures and derivatives exchange and clearinghouse, with plans to begin operations in 2026. JB Mackenzie, Robinhood's vice president and general manager of futures and international, emphasized the company's commitment to enhancing customer experience and product innovation. The partnership with Susquehanna will also ensure liquidity at launch, as Susquehanna will act as a day-one liquidity provider.

Robinhood’s Prediction Market Outpaces Rivals With 9 Billion Contracts and 1 Million Users

The acquisition poses a potential challenge to existing players in the prediction markets space, particularly Kalshi, which has benefited from its partnership with Robinhood. Kalshi has reported significant trading volumes, with $4.47 billion in the last month alone. Other competitors, such as DraftKings and FanDuel, are also expanding into prediction markets, further intensifying the competitive landscape.

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Despite the optimism surrounding prediction markets, legal uncertainties persist. A recent ruling in Nevada has subjected Kalshi to gaming regulations, prompting Robinhood to appeal a decision that could impact its operations in the state. This legal backdrop underscores the complexities facing companies in the prediction markets sector as they navigate regulatory frameworks.

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Robinhood's leadership has expressed enthusiasm about the acquisition and the future of prediction markets. Mackenzie stated, "Our investment in infrastructure will position us to deliver an even better experience and more innovative products for customers." Meanwhile, MIAX's chairman, Thomas Gallagher, noted that the transaction would expedite access to growing prediction markets.

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• “Robinhood is seeing strong customer demand for prediction markets, and we’re excited to build on that momentum,” — JB Mackenzie, Vice President and General Manager of Futures and International, Robinhood.

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• “Through our retained equity stake, the transaction announced today will provide MIAX with access to the growing prediction markets on an expedited basis,” — Thomas Gallagher, Chairman and CEO, MIAX.

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The transaction is expected to close in the first quarter of 2026, with the new exchange anticipated to begin operations later that year. As Robinhood and Susquehanna prepare to launch their venture, the evolving landscape of prediction markets will likely continue to attract attention from both investors and regulators.

Prediction markets are Robinhood’s fastest-growing money maker