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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 the prediction market sector.
According to a Reuters report on Tuesday, Robinhood and Susquehanna will <a href="https://www.reuters.com/sustainability/boards-policy-regulation/robinhood-susquehanna-take-over-exchange-ledgerx-prediction-markets-push-2025-11-26/" rel="noopener noreferrer nofollow" target="_blank">acquire</a> 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 <a href="https://cointelegraph.com/news/robinhood-prediction-markets-growth-derivatives-exchange-2026" rel="noopener noreferrer nofollow">announced the launch</a> of a futures and derivatives platform with options for prediction markets.&nbsp;<iframe width="100%" height="315" src="https://www.youtube.com/embed/M1JKLXxFDZc?start=" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen loading="lazy" sandbox="allow-scripts allow-same-origin allow-popups allow-forms"></iframe>
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 <a href="https://cointelegraph.com/news/miax-completes-acquisition-of-ftx-subsidiary-ledgerx" rel="noopener noreferrer nofollow" target="https://cointelegraph.com/news/miax-completes-acquisition-of-ftx-subsidiary-ledgerx">acquired by Miami International Holdings (MIAX)</a> for $50 million in 2023 amid FTX’s bankruptcy. MIAX will retain a 10% stake in the firm, according to Reuters.
“Through our retained equity stake, the transaction announced today will provide MIAX with access to the growing prediction markets on an expedited basis,” <a href="https://www.prnewswire.com/news-releases/miami-international-holdings-announces-sale-of-miaxdx-to-robinhood-markets-in-partnership-with-susquehanna-international-group-302626126.html" rel="noopener noreferrer nofollow" target="_blank">said</a> MIAX CEO and chair Thomas Gallagher.
Related: <a href="https://cointelegraph.com/news/polymarket-bring-real-time-forecasting-ufc-broadcasts" rel="noopener noreferrer nofollow">UFC taps Polymarket to add betting signals for live fight coverage</a>
The acquisition could put Robinhood in a position to challenge large prediction platforms such as Kalshi and Polymarket. Prediction markets <a href="https://cointelegraph.com/news/us-election-drives-crypto-prediction-markets-growth-2024" rel="noopener noreferrer nofollow">surged significantly in 2024</a>, driven partially by interest in bets on US elections.
<h2 id="not-the-only-game-in-town">Not the only game in town</h2>
Since a federal court <a href="https://cointelegraph.com/news/cftc-court-erred-allowing-kalshi-election-markets" rel="noopener noreferrer nofollow">cleared the way for Kalshi</a> to offer event contracts tied to US elections in October 2024, the market has seen significant investments from companies in and out of the crypto industry.
Kalshi reportedly <a href="https://cointelegraph.com/news/kalshi-11-billion-valuation-after-latest-funding-round" rel="noopener noreferrer nofollow">increased its valuation to $11 billion</a> last week after a funding round led by Sequoia Capital and CapitalG. Polymarket also scored a regulatory win on Tuesday, with the CFTC <a href="https://cointelegraph.com/news/us-cftc-regulatory-approval-polymarket" rel="noopener noreferrer nofollow">approving the company</a> to operate a US-intermediated trading platform.
Cryptocurrency exchange Coinbase is also reportedly working on a prediction markets platform backed by Kalshi.
Shares of Robinhood on the Nasdaq surged about 8% in the hours following the announcement, reaching $125.24 at the time of publication.
Magazine: <a href="https://cointelegraph.com/magazine/vechain-sunny-lu-bitcoin-beginnings-blockchain-founder-cointelegraph/" rel="noopener noreferrer nofollow">Getting scammed for 100 Bitcoin led Sunny Lu to create VeChain</a>

Robinhood moves into prediction markets with FTX-linked acquisition

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Cointelegraph

Other articles published on Nov 26, 2025

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