Robinhood Makes Big Prediction-market Push With LedgerX Acquisition

Robinhood, in partnership with Jeff Yass’ Susquehanna International Group, is expanding aggressively into the prediction-market business through an agreement to acquire 90% of MIAX Derivatives Exchange.

MIAX operates LedgerX, the regulated derivatives platform it bought from FTX in 2023. Following the news, Robinhood shares rose more than 8%.

Analysts at Bernstein described the deal as a major step in Robinhood’s long-term strategy to dominate prediction markets, a segment now contributing more than $300 million in annual recurring revenue.

The firm already drives over half of the trading volume on Kalshi, underscoring how deeply prediction markets are integrated into its business model.

The acquisition could allow Robinhood to add liquidity, expand its product suite, and strengthen its revenue base. Bernstein also expects Coinbase to reveal its own prediction-market offering soon. Meanwhile, Polymarket’s recent regulatory approvals may intensify competition as the sector evolves.

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