LedgerX Purchase Positions Robinhood to Challenge Kalshi

Robinhood has taken another big step into the prediction market space, announcing plans to introduce a futures and derivatives exchange while securing control of MIAXdx, the entity many traders know as LedgerX. The move comes after months of rapid user growth and heavy activity around political and sports-based event contracts.

Good to Know

• Robinhood and Susquehanna will control 90 percent of MIAXdx
• LedgerX operates under CFTC licenses for multiple market functions
• Prediction markets became Robinhood fastest-growing revenue line

A Strategic Grab That Reshapes Prediction Trading

Robinhood revealed that it will build a new exchange and clearinghouse for futures, derivatives, and prediction contracts. Susquehanna International Group will serve as a key partner and provide liquidity from day one, while Robinhood becomes the primary controller of the venture.

The acquisition gives Robinhood a dominant position inside MIAXdx, a fully licensed Designated Contract Market, Derivatives Clearing Organization, and Swap Execution Facility under the oversight of the Commodities Futures Trading Commission. Miami International Holdings will retain 10 percent of the equity.

JB Mackenzie, VP and General Manager of Futures and International at Robinhood, said:

“Robinhood is seeing strong customer demand for prediction markets, and we’re excited to build on that momentum. Our investment in infrastructure will position us to deliver an even better experience and more innovative products for customers.”

According to the rollout plan, the exchange is set to open in 2026. Many insiders read the move as a signal that Robinhood wants to turn prediction trading into a mainstream financial product rather than a niche tool.

A Rapid Shift From Side Experiment to Core Business

Robinhood stepped into prediction markets earlier in the year through a partnership with Kalshi that lined up perfectly with March Madness. Even then, many thought it would stay a small part of the overall business. By summer, the company leaned further into sports event contracts tied to the NFL and college football, and interest exploded.

Since then, the platform reported one of the fastest user expansions in its history. The company said prediction markets have “quickly become Robinhood fastest-growing product line by revenue.” Traders executed nine billion contracts from over one million customers within a single year.

During the September quarter alone, users traded 2.3 billion event contracts, more than twice the count from the quarter before. The numbers suggest a strong shift in retail behavior, with users moving beyond traditional stocks and options toward short-horizon event-driven instruments.

FAQ

Why did Robinhood acquire MIAXdx and LedgerX?

The purchase gives Robinhood full control over infrastructure for futures, derivatives, and prediction contracts under CFTC licenses. It can now list and clear its own products.

How does Susquehanna fit into the deal?

Susquehanna serves as a key partner and will provide liquidity from the first day the exchange goes live.

Why are prediction markets growing so fast?

Users enjoy short-term, event-driven trading tied to politics, sports, entertainment, and economic news. The format gives retail traders an accessible alternative to complex financial instruments.

Does the move compete directly with Kalshi?

Yes. By controlling its own exchange and clearinghouse, Robinhood now positions itself as a major challenger to Kalshi in the regulated event contract space.