Robinhood has acquired a controlling stake in the event contract subsidiary of Miami International Holdings (MIAX), in the latest shake-up to the prediction market offering in the US.
The deal will see Robinhood acquire a 90% stake in MIAX Derivatives Exchange (MIAXdx), in partnership with market maker Susquehanna International Group.
While the fee for the agreement is yet to be disclosed, MIAXdx will retain a 10% stake in the business.
MIAXdx is a designated contract market (DCM) and derivatives clearing organisation (DCO) which has received regulatory approval from the Commodity Futures Trading Commission (CFTC).
The transaction is expected to close in the first quarter of 2026, subject to gaining the necessary regulatory approvals.
Robinhood offers Kalshi’s prediction markets on its platform, with bosses claiming a majority of Kalshi trading is actioned through the retail brokerage firm.
Susquehanna has been working with Kalshi since April 2024 and is thought of as the largest market maker in the prediction markets sector.
JB Mackenzie, vice-president and general manager of futures and international at Robinhood, said: “We’re excited to continue working with MIAX as investors in this exchange.
“MIAX is a market leading exchange operator and we look forward to exploring future partnership opportunities to deliver products that meet the needs of Robinhood’s customers.”
Thomas Gallagher, MIAX chair and CEO, added: “Through our retained equity stake, the transaction announced today will provide MIAX with access to the growing prediction markets on an expedited basis.
“The transaction with Robinhood closely aligns with our strategy of partnering with industry leaders to offer innovative trading products to the market, and we’re excited about the opportunity to gain exposure to prediction markets through this initiative.
“The transaction represents a logical step forward for MIAX as we continue to focus on strategic growth opportunities within our core exchanges.”
Earlier this month, Robinhood’s chief brokerage officer Steve Quirk spoke of how the firm is “working like mad” to integrate more prediction markets into its offering.
Robinhood also reported revenue of $1.3bn for the third quarter of 2025, of which $730m was derived from transaction-based sources, which include prediction markets.
CFO Jason Warnick revealed that the brokerage had processed 2.3 billion event contracts during Q3.
In October alone, Robinhood said it had handled 2.5 billion event contracts, with CEO Vladimir Tenev describing the offering as “really on fire”.
Regulators from Maryland and Massachusetts have warned operators against making connections with prediction markets platforms over the last few weeks.
Both FanDuel and DraftKings left the American Gaming Association over the impending launch of their respective prediction markets platforms, FanDuel Predicts and DraftKings Predictions.
Earlier this week, analyst firm Macquarie issued a note estimating that the near-term total addressable market (TAM) for sport-based event contracts would hit $4.4bn (for 40% of the population without legal online sports betting). It estimated that handle/volumes would be 25% lower than online sports betting given a “less robust offering and less relative promos and marketing spend to drive engagement”.
The post Robinhood and Susquehanna acquire CFTC-approved MIAX first appeared on EGR Intel.
Retail brokerage partners with Susquehanna International Group to purchase 90% of MIAX Derivatives Exchange, with the transaction expected to close in the first quarter of 2026
The post Robinhood and Susquehanna acquire CFTC-approved MIAX first appeared on EGR Intel.