Robinhood & Susquehanna Acquire LedgerX Stake: A Prediction Markets Play?

Wednesday Nov 26 2025 18:20

Duration

2 min

  1. 1. Robinhood and Susquehanna Eye Strategic LedgerX Acquisition

  2. 1.1 Acquisition Coincides with Robinhood's Futures Platform Launch

  3. 1.2 Executive Commentary on the Deal

  4. 1.3 Impact on Prediction Market Competition

  5. 1.4 Intensifying Competition in Prediction Markets

Robinhood and Susquehanna Eye Strategic LedgerX Acquisition

Robinhood Markets and Susquehanna International Group are reportedly in the process of acquiring a 90% stake in LedgerX, a company affiliated with the now-defunct cryptocurrency exchange FTX, according to a Reuters report. This move underscores a significant push into the burgeoning prediction markets space. LedgerX stands as one of the few solvent entities linked to FTX following its 2022 bankruptcy filing.

Acquisition Coincides with Robinhood's Futures Platform Launch

The reported acquisition follows closely on the heels of Robinhood's announcement of a new futures and derivatives platform, which includes options for prediction markets. Initially, Robinhood announced the acquisition of a majority stake in MIAXdx, an exchange and clearinghouse licensed by the US Commodity Futures Trading Commission (CFTC). MIAXdx, formerly known as LedgerX, was acquired by Miami International Holdings (MIAX) for $50 million in 2023 during the FTX bankruptcy proceedings. MIAX will retain a 10% stake in the firm, according to Reuters.

Executive Commentary on the Deal

"Through our retained equity stake, the transaction announced today will provide MIAX with access to the growing prediction markets on an expedited basis," stated Thomas Gallagher, CEO and chair of MIAX.

Impact on Prediction Market Competition

The acquisition positions Robinhood to potentially challenge established prediction platforms such as Kalshi and Polymarket. Prediction markets have experienced substantial growth in 2024, fueled in part by increasing interest in betting on US elections.

Intensifying Competition in Prediction Markets

Since a federal court cleared the path for Kalshi to offer event contracts tied to US elections in October 2024, the market has witnessed significant investment from companies both within and outside the cryptocurrency industry. Kalshi reportedly saw its valuation surge to $11 billion last week following a funding round led by Sequoia Capital and CapitalG. Polymarket also secured a regulatory victory on Tuesday, receiving CFTC approval to operate a US-intermediated trading platform. Cryptocurrency exchange Coinbase is also reportedly developing a prediction markets platform, backed by Kalshi. Shares of Robinhood on the Nasdaq jumped approximately 8% in the hours following the announcement, reaching $125.24 at the time of publication.

Risk Warning: This article is provided for informational purposes only and does not constitute investment advice, investment research, or a recommendation to trade. The views expressed are those of the author and do not necessarily reflect the position of Markets.com. When considering shares, indices, forex (foreign exchange), and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and may not be suitable for all investors. Leveraged products can result in capital loss. Past performance is not indicative of future results. Before trading, ensure you fully understand the risks involved and consider your investment objectives and level of experience. Cryptocurrency CFD trading restrictions may apply depending on jurisdiction.

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Written by:

Sophia Claire

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