Overview
- Robinhood and Susquehanna will control 90% of MIAXdx, which operates the CFTC-regulated LedgerX exchange and clearinghouse, while Miami International Holdings keeps a 10% stake.
- Susquehanna is slated to serve as the day-one liquidity provider for the new venue, with additional market makers expected to join.
- The partners target operations in 2026, with timing contingent on regulatory approvals and deal closing conditions.
- Robinhood reports more than 9 billion event contracts traded by over 1 million users since March, including 2.3 billion in the third quarter that more than doubled the prior quarter.
- Robinhood says it will keep distributing partner contracts such as Kalshi’s in the near term, as analysts peg the business near a $300 million annualized run rate and HOOD shares jumped roughly 8%–12% on the news.