Robinhood moves into prediction markets with FTX-linked acquisition
The deal for FTX-linked MIAXdx puts Robinhood and Susquehanna in direct competition with Kalshi and Polymarket as interest in prediction markets heats up.
A company with ties to the defunct cryptocurrency exchange FTX is being acquired by Robinhood Markets and Susquehanna International Group as part of a push into prediction markets.
According to a Reuters report on Tuesday, Robinhood and Susquehanna will acquire a 90% stake in LedgerX, one of the few solvent companies tied to FTX following its bankruptcy filing in 2022. The move came just hours after Robinhood announced the launch of a futures and derivatives platform with options for prediction markets.
Robinhood initially reported the acquisition of a majority stake in MIAXdx, an exchange and clearinghouse licensed by the US Commodity Futures Trading Commission. MIAXdx, previously known as LedgerX, was acquired by Miami International Holdings (MIAX) for $50 million in 2023 amid FTX’s bankruptcy. MIAX will retain a 10% stake in the firm, according to Reuters.