In a move reminiscent of a tech giant snatching up a fallen empire’s crown jewel, Robinhood Markets said Tuesday it struck an agreement to acquire MIAXdx, the regulated derivatives exchange and clearinghouse once known as LedgerX—previously tied to the now-defunct FTX. The terms of the deal remain undisclosed, but the acquisition is poised to become the centerpiece of Robinhood’s growing push into prediction markets.

The platform, sold for $35 million during FTX’s collapse to Miami International Holdings Inc., will now be folded into what Robinhood is calling a “joint venture” with Susquehanna International Group. Susquehanna, one of the largest proprietary trading firms in the world, will serve as a “day-one liquidity provider” as the new exchange comes online.

Miami International Holdings will keep a 10% equity stake, anchoring its own foothold in the fast-accelerating prediction market sector. The deal is expected to close in the first quarter of 2026.

A Fully Licensed Gateway Into Regulated Prediction Trading

Robinhood said acquiring MIAXdx opens the door to expanding its prediction market products, thanks to the exchange’s status as a designated contract market, derivatives clearing organization and swap execution facility—all licensed under the U.S. Commodity Futures Trading Commission (CFTC).

Prediction markets allow traders to speculate on everything from elections to economic indicators, a modern twist that some analysts say can function as a real-time barometer of public sentiment.

Robinhood described its prediction products as its “fastest-growing product line by revenue,” and said MIAXdx gives the firm the speed, regulatory runway, and flexibility to scale rapidly.

“By introducing a robust, institutional-grade exchange to the market, we’ll add more choices for consumers,” the company said. “We’ll also gain the flexibility to build faster and deliver more contracts and services to traders.”

JB Mackenzie, Robinhood’s vice president and general manager of futures and international, said the firm is seeing “strong customer demand for prediction markets” and intends to “build on that momentum.”

Miami International Holdings CEO Thomas P. Gallagher echoed that the retained equity stake positions his company to stay invested in the sector’s growth.

Prediction Markets Heat Up as Rivals Race for Compliance

Robinhood’s move is the latest salvo in a fierce industry battle to enter prediction markets under the blessing of federal regulators.

Polymarket—the buzzy prediction market platform that secured up to $2 billion in investment from Intercontinental Exchange, Inc. (ICE) in October—announced Tuesday that the CFTC approved an amended order of designation allowing intermediated trading on its platform.

The approval follows Polymarket’s acquisition of QCEX, a CFTC-licensed derivatives exchange and clearinghouse, earlier in July. The amended order now lets Polymarket work through futures commission merchants after regulators required the firm to bolster surveillance and internal processes.

“With this approval, Polymarket will be able to onboard brokerages and customers directly and facilitate trading on U.S. venues,” the company said.

Polymarket CEO Shayne Coplan wrote on X that the approval essentially enables people to “trade Polymarket through their brokerages,” adding, “This process has historically taken years ... it took us 4 months.”

The company did not immediately respond to requests for additional comment Wednesday.