Overview
- Robinhood and Susquehanna agreed to acquire 90% of LedgerX (MIAXdx) from Miami International Holdings, with MIAX retaining a 10% stake.
- The partners will form a joint venture to operate a futures and derivatives exchange and clearinghouse targeted to start in 2026, subject to regulatory approvals and closing conditions.
- Susquehanna will serve as the day-one liquidity provider to help ensure tight markets, with additional market makers expected to join.
- Robinhood reports roughly 9 billion prediction contracts traded by more than 1 million customers since launch, including 2.3 billion in the September quarter, more than double the prior quarter.
- HOOD shares rose about 8–9% after the announcement, as the move reduces reliance on third-party venues like Kalshi in the long run while near-term distribution partnerships continue.