Washington: In a landmark development that signals a new chapter for U.S. event-based trading, Robinhood Markets and Susquehanna International Group have reached an agreement to take over a 90 percent stake in the regulated exchange LedgerX, currently owned by Miami International Holdings (MIAX). The deal marks a strategic shift aimed at capturing the fast-growing prediction-markets sector, a space that has gained renewed legitimacy following recent regulatory and court decisions. MIAX, which acquired LedgerX in 2023 during the fallout of the FTX bankruptcy, will retain the remaining 10 percent share, maintaining a minority foothold in the evolving ecosystem. Though the financial details of the transaction have not been disclosed, the acquisition is expected to be finalized in early 2026.
Robinhood and Susquehanna plan to transform LedgerX into the backbone of a new derivatives and futures exchange complete with its own clearinghouse an infrastructure that allows the venture to offer a wide range of event-driven contracts. Leveraging LedgerX’s existing regulatory approval from the Commodity Futures Trading Commission, the new platform aims to bring political, economic, and real-world outcome-based contracts into the mainstream. Robinhood will take the lead role in operating the exchange, while Susquehanna will provide substantial liquidity to ensure smooth market functioning. According to sources familiar with the venture, the companies anticipate launching full operations by late 2026, following regulatory reviews and system integration.
The takeover marks a significant milestone in the rapid ascent of prediction markets, which have matured from niche speculative platforms into a field attracting deep-pocketed institutional interest. This momentum has surged following a federal court ruling last year that struck down a long-standing ban on election-related betting. The judgment opened doors for exchanges to list contracts tied not only to political outcomes but also macroeconomic releases, sports events, and global developments. Already, major financial players including Intercontinental Exchange, the owner of the New York Stock Exchange have invested heavily in prediction-market platforms, while competitors like Kalshi have reached multibillion-dollar valuations, highlighting investor appetite for this emerging asset class.
As Robinhood and Susquehanna position themselves at the forefront of this shifting landscape, analysts say the move could democratize access to event-driven trading for millions of retail investors. Yet the strategy also introduces regulatory and ethical complexities, as contracts based on elections or sensitive geopolitical events risk blurring the line between legitimate speculation and high-stakes gambling. With traditional derivatives giants like CME Group and Cboe Global Markets also eyeing potential entry, the coming years are expected to set the tone for how prediction markets integrate into the wider global financial system.