Robinhood and Susquehanna are moving deeper into the prediction markets industry by taking over LedgerX, a regulated US derivatives exchange previously linked to FTX.
The deal gives both firms direct access to the core infrastructure used to list and clear event contracts at a time when interest in regulated speculation is expanding across Wall Street, sports betting companies, and crypto platforms.
The exchange, now operated by Miami International Holdings, has become a strategic asset as more companies race to shape how event-based trading works under US rules.
The development also arrives as regulators intensify their scrutiny of sports-related contracts across several states.
New ownership shifts access to event contract infrastructure
The Robinhood-led group is buying 90% of LedgerX from MIAX, giving it a controlling stake in the platform.
Susquehanna will participate as a day-one liquidity provider, ensuring counterparties are available to traders from the outset.
Robinhood said customers are showing strong demand for prediction markets, and the firm believes control of the underlying infrastructure will help it offer a smoother experience and more product variety.
Financial terms were not disclosed, but the acquisition will allow the buyers to operate their own event contract ecosystem rather than depending only on external partners.
The deal also marks a shift in how Robinhood distributes prediction market access.
More than half of Kalshi’s recent business has come through Robinhood, according to Bloomberg analysis.
Robinhood’s latest earnings release showed customers trading 2.3 billion event contracts in the third quarter, more than double the previous quarter.
Executives noted this month that Kalshi likely counts the large trading flow generated through Robinhood’s customer base.
Competitive pressures rise for prediction market platforms
The acquisition could reshape competition for Kalshi because the company has relied on Robinhood to reach a wider audience.
Kalshi was among the first platforms approved by the Commodity Futures Trading Commission to list contracts tied to event outcomes, and activity accelerated this year when the exchange began offering markets on sports games.
However, uncertainty around sports-related contracts has grown.
A Nevada federal judge ruled this week that Kalshi must follow state gaming rules and halt sports contracts in the region.
The same judge also declined to give Robinhood a temporary restraining order that would have blocked Nevada’s regulator from taking enforcement action.
Robinhood plans to appeal the ruling.
Several firms are now buying or partnering with US-regulated derivatives exchanges to position themselves for growth in the sector.
DraftKings has acquired an exchange of its own, while FanDuel, part of Flutter Entertainment, is working with CME Group to build a new platform for sports and event-based trading.
Polymarket announced on Tuesday that it received approval to enter the US by using QCX, a regulated exchange it recently purchased.
LedgerX gives new owners a regulated base
LedgerX originally operated as a crypto derivatives venue and became one of the few parts of FTX that remained solvent after the group collapsed in 2022.
The platform had played a role in Sam Bankman-Fried’s broader effort to build influence in Washington. MIAX acquired LedgerX for $50 million shortly after the collapse as part of its expansion in the crypto sector.
MIAX confirmed on Tuesday that it will keep a 10% stake in the business to maintain exposure to the fast-growing world of prediction markets.
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