Robinhood Markets is taking a major step deeper into the futures and derivatives landscape through a new joint venture with market-making giant Susquehanna International Group.
As part of the initiative, the partners will acquire the regulated derivatives exchange MIAXdx from Miami International Holdings, laying the groundwork for a new platform expected to go live in 2026. The move builds directly on the rapid rise of Robinhood’s prediction markets, now its fastest-growing product line.
Joint Venture Acquires Majority Stake in MIAXdx
The newly formed venture will purchase a 90% stake in MIAXdx, a designated contract market and derivatives clearing organization already licensed by the Commodity Futures Trading Commission (CFTC). Miami International Holdings will retain the remaining 10% stake, maintaining a minority position as the platform transitions to its new ownership structure.
Robinhood will act as the controlling partner, while Susquehanna will take the critical role of day-one liquidity provider to help ensure tight spreads and smooth market functioning from launch.
Launch Timeline and Strategic Motivation
The acquisition is expected to close in the first quarter of 2026, with the exchange beginning operations later that same year. The strategic timing reflects surging customer interest in prediction markets, where traders speculate on the outcomes of real-world events.
Since partnering with Kalshi in March 2025, Robinhood has seen more than one million customers trade over nine billion contracts, underscoring the scale of demand for event-based trading products. The new exchange will give Robinhood direct control over infrastructure and clearing, enabling more flexibility as the sector expands.
Rising Competition in the Prediction Market Space
Robinhood’s deeper push comes as the market for event-driven derivatives heats up. Major financial institutions, including Intercontinental Exchange (owner of the NYSE), CME Group, and Cboe, are also exploring or expanding their offerings in the prediction market space.
By securing a regulated derivatives exchange and partnering with a top-tier liquidity provider, Robinhood is positioning itself to compete head-to-head with the biggest incumbents as prediction markets evolve into a mainstream trading category.
