Robinhood and Susquehanna Acquire LedgerX to Expand in Prediction Markets

• Robinhood and Susquehanna acquire LedgerX to strengthen their position in prediction markets.
• The LedgerX acquisition provides Robinhood with crucial regulatory licenses for futures trading.
• The new exchange will focus on event-driven crypto contracts starting operations in 2026.

Robinhood Markets has partnered with Susquehanna Group to purchase 90% of LedgerX, a regulated cryptocurrency exchange, from Miami International Holdings. The deal dramatically boosts Robinhood’s position in the emerging prediction markets sector. As interest in event-driven crypto platforms grows, this acquisition is a bold move for Robinhood into this new and growing space.

The joint venture will operate LedgerX as a separate exchange, with Robinhood holding the controlling stake. Miami International Holdings will keep a 10% interest in the business. The financial details of the deal are not disclosed.

However, the deal gives Robinhood access to LedgerX’s important regulatory approvals. These include Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) certification, which will offer a strong base for its future plans in the derivatives market.

LedgerX was originally part of the now defunct crypto exchange FTX. After the collapse of FTX, Miami International Holdings acquired LedgerX for $50 million in 2023, which was after the bankruptcy proceedings of FTX. Now, Robinhood and Susquehanna will be able to fully leverage the regulatory licenses and existing infrastructure provided by LedgerX, including its futures and derivatives infrastructure.

Robinhood to Launch Futures Exchange in 2026

The company plans to launch a new futures and derivatives exchange dedicated to prediction markets. The platform will target retail traders with Robinhood Derivatives and institutional clients. The exchange is expected to start operations from 2026. 

It will provide a venue for crypto-style contracts based on real-world events, including elections, political events, and macroeconomic events. This expansion is in response to the increasing demand for these platforms and is aimed at creating a new market for institutional-grade event-driven trading.

Since its launch of event contracts, the firm has experienced strong growth in the prediction market space. In its first year, Robinhood customers traded roughly 9 billion contracts for over 1 million accounts. 

Event contracts became the fastest-growing revenue product for the company. This success has given the company confidence to invest in the building of an independent exchange and clearinghouse specifically for this market.

Also Read: Galaxy Digital Eyes $9B Prediction Market, Joins Forces with Polymarket and Kalshi

Susquehanna to Provide Liquidity for New Prediction Market Exchange

Susquehanna, a major global market-making and proprietary trading firm, will be a liquidity provider for the new venture. Their involvement will be useful in gaining tight spreads and competitive execution. The joint venture plans to allow more liquidity providers as time progresses to make the platform more efficient for both retail and institutional users.

Traditional financial institutions are also entering the prediction market. In October, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, announced plans to invest up to $2 billion in Polymarket. 

In addition, Kalshi, another major player in the sector, recently raised an $11 billion valuation in a fundraising round, indicating the sector’s growing appeal.

Meanwhile, big tech platforms are also taking notice. Google Finance has begun displaying live data from Polymarket and Kalshi, enabling users to track crowd This platform provides odds in real time, along with regular financial data.

Also Read: Robinhood’s Explosive Move: BNB Coin Listing Sparks Bullish Surge In 2025