Robin Hood Takes on Prediction Market with LedgerX Buy
By Reuters | 26 Nov, 2025

The no-commission stock trading platform joined with Susquehanna to enter the fast-growing prediction market by taking a 90% stake in FTX spinoff LedgerX.

Robinhood Markets and Susquehanna International Group on Tuesday struck a deal to take over a regulated exchange run by Miami International Holdings, giving the companies a major boost in their push to establish a stronghold in prediction markets.

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. 

"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.

In November, InPlay Global, a new platform that allows investors to trade securities tied to the performance of sports teams, signed a partnership with exchange operator MEMX ahead of the launch of its trading venue next year.

Intercontinental Exchange in October invested up to $2 billion in the world's largest prediction market Polymarket, marking the New York Stock Exchange owner's expansion into event-driven markets. Kalshi, another predictions market heavyweight, was valued at $11 billion in its latest fundraising round, according to a TechCrunch report last week.

CME Group and CBOE also plan to enter prediction markets.

(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Anirban Sen and Sonia Cheema)