Key Notes
- The partnership acquires MIAXdx, formerly LedgerX, providing CFTC-regulated derivatives trading infrastructure.
- Prediction markets drove 9 billion contracts across 1 million users, becoming Robinhood's fastest-growing product line.
- HOOD shares surged 12% on the news, contributing to a 243% year-to-date rally and bullish analyst price targets.
Robinhood Markets, Inc. (Nasdaq: HOOD) has announced a major expansion into prediction markets through a joint venture with Susquehanna International Group. The new partnership will take control of LedgerX, a regulated crypto derivatives exchange previously owned by Miami International Holdings.
The acquisition positions Robinhood to launch a futures and derivatives exchange and clearinghouse, deepening its presence in the trendy prediction market industry, Reuters reported .
A Joint Venture Structure to Offer Prediction Markets
The independent exchange will be managed by the joint venture, with Robinhood serving as the controlling partner. Susquehanna International Group, a company famous for being one of the most prominent investors in Bitcoin ETFs , will act as the day-one liquidity provider, while other market makers are expected to join to enhance execution quality.
The venture will acquire MIAXdx, a CFTC-licensed Designated Contract Market (DCM), Derivatives Clearing Organization (DCO), and Swap Execution Facility (SEF). This company, formerly LedgerX , was one of the first to offer regulated Bitcoin options in the US under CFTC regulation and was part of the FTX empire before its collapse. Miami International Holdings will retain a 10% equity stake in the new exchange.
Robinhood is introducing a new futures and derivatives exchange and clearinghouse, deepening our investment in Prediction Markets and better positioning us to deliver innovative products to our customers.
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— Robinhood (@RobinhoodApp) November 25, 2025
Prediction Markets Momentum
Prediction markets have become Robinhood’s fastest-growing product line by revenue, with more than 9 billion contracts traded by over 1 million customers in just one year, according to their press release .
The new exchange will serve Robinhood Derivatives and other Futures Commission Merchant (FCM) platforms, aiming to deliver a broader selection of futures and derivatives to traders. Operations are expected to begin in 2026.
HOOD Stock Performance
Robinhood stock (NASDAQ: HOOD) surged over 12% on November 26, 2025, following the announcement. The move has contributed to a year-to-date rally of more than 243% for HOOD shares, according to Yahoo! Finance.
HOOD stocks | Source: Yahoo! Finance
At the time of writing, HOOD is trading at approximately $128.49, up from $115.57 the previous day. Analysts cite the expansion into prediction markets as a key driver behind the recent price momentum, with Bank of America raising its price target for HOOD to $157.00 and maintaining a “buy” rating.
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