Robinhood MIAXdx Acquisition to Scale Prediction Markets
Robinhood MIAXdx acquisition gives the broker a CFTC-licensed exchange and Susquehanna liquidity, reshaping trading flows in prediction markets.
KEY TAKEAWAYS
- Agreement to acquire 90% of MIAXdx with Susquehanna as co-investor and day-one liquidity provider.
- Gives Robinhood a CFTC-licensed exchange backbone to internalize execution and scale prediction markets.
- $100 million annualized revenue run rate cited for prediction markets at recent trading levels.
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On Nov. 25, 2025, Robinhood Markets (NASDAQ: HOOD) announced it would acquire a 90% equity stake in MIAXdx, a Commodity Futures Trading Commission (CFTC)-licensed derivatives exchange. Susquehanna International Group will join as a co-investor and day-one liquidity provider. The move aims to scale Robinhood’s fastest-growing prediction-markets business and expand contract offerings for traders.
Deal Terms and Partners
Miami International Holdings (NYSE: MIAX) said MIAXdx is its wholly owned subsidiary and that it will retain a 10% strategic stake after the transaction. MIAXdx holds CFTC designations as a Designated Contract Market, a Derivatives Clearing Organization, and a Swap Execution Facility. The exchange will serve Robinhood Derivatives and other Futures Commission Merchant platforms, offering futures, options on futures, and fully collateralized swaps.
The companies expect the deal to close in the first quarter of 2026, subject to CFTC filings and customary closing conditions. MIAXdx is scheduled to begin operations in 2026. MIAX cited a roughly $100 million annualized revenue run rate tied to recent trading levels and noted that Robinhood users accounted for more than half of Kalshi’s trading volume in October 2025.
Prediction Markets Scale and Regulatory Path
Robinhood reported that more than 1 million customers traded about 9 billion prediction-market contracts in the first year after launch, highlighting rapid adoption. The company described prediction markets as its fastest-growing product line by revenue. Other liquidity providers will join the venture alongside Susquehanna.
JB Mackenzie, Robinhood’s vice president and general manager of futures and international, 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."
The transaction remains subject to filings with the CFTC and customary closing conditions. The exchange is expected to begin operations in 2026.
