Robinhood and Susquehanna International Group are preparing to launch a new prediction market exchange after acquiring MIAXdx, a platform already registered with the Commodity Futures Trading Commission (CFTC). The move marks a significant expansion of their role in the sector, though Robinhood intends to continue offering access to Kalshi’s contracts even as it builds its own marketplace.
The companies purchased MIAXdx from Miami International Holdings and will operate it under a joint venture. Robinhood released the announcement in a press statement, outlining how the acquisition positions the business to broaden its futures and derivatives offerings, including prediction markets. Robinhood will serve as the controlling partner, with Susquehanna acting as a “key partner and day-one liquidity provider,” while MIAX keeps a 10 percent equity stake.
New Exchange Builds on Robinhood’s Existing Market Demand
Robinhood has been one of Kalshi’s main distribution channels, and Susquehanna one of its most active outside market makers, providing odds on both sides of many contracts. Even with the establishment of their own exchange, Robinhood said it does not plan to sever ties with Kalshi. The company will continue to offer Kalshi’s contracts alongside those created under the new venture.
On the Robinhood app, users currently access Kalshi-made contracts through a dedicated predictions hub. The platform also features markets provided by ForecastEx. As a futures commission merchant, Robinhood facilitates trading on Kalshi’s designated contract market while collecting a one-cent fee on every dollar traded in addition to Kalshi’s fee structure. According to figures referenced in company reports, Robinhood users accounted for around half of Kalshi’s volume, including roughly $2.5 billion in contract value traded in October, resulting in approximately $25 million in revenue for Robinhood.
A spokesperson for the company said that this approach will continue. “Robinhood has maintained relationships with multiple exchanges since the inception of prediction markets (Kalshi and ForecastEx),” the spokesperson told InGame. “Robinhood Derivatives plans to continue to partner with multiple DCM/DCO partners, supporting access to a diversity of market venues for our customers.”
Robinhood executives described the expanded exchange strategy as a response to user interest. “Robinhood is seeing strong customer demand for prediction markets, and we’re excited to build on that momentum,” said JB Mackenzie, VP and General Manager of Futures and International at Robinhood. “Our investment in infrastructure will position us to deliver an even better experience and more innovative products for customers.”
MIAXdx Acquisition Speeds Up Joint Venture’s Launch Path
The acquisition of MIAXdx gives the new venture immediate access to an operational exchange. MIAXdx received CFTC approval in 2019 and currently offers cryptocurrency-focused products. It also operates a licensed clearinghouse that processes the movement of funds and documentation for contracts, and it previously provided clearing for Kalshi until 2023.
MIAX Chairman and CEO Thomas P. Gallagher said the partnership gives his company direct exposure to the expanding prediction market ecosystem. “Through our retained equity stake, the transaction announced today will provide MIAX with access to the growing prediction markets on an expedited basis,” Gallagher said. He added that the collaboration aligns with MIAX’s broader direction. “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.”
Gallagher noted that MIAX evaluated other paths before deciding to sell the exchange to Robinhood and Susquehanna. “We have evaluated alternatives to facilitate our entry to the prediction markets, and we believe that today’s strategic alignment is the right lever for offering institutional and retail futures traders exposure in the growing prediction markets while providing MIAX with potential long-term value,” he said.
Growing Sector Gains Another Regulated Player
Prediction markets have expanded quickly on Robinhood since the company introduced them a year ago. More than one million customers have traded nine billion contracts on the platform. The joint venture aims to further expand available products while supporting a regulated marketplace that will serve Robinhood Derivatives and other futures commission merchants. The new exchange and clearinghouse are targeted to begin operations in 2026.
Kalshi declined to comment on Robinhood and Susquehanna’s move. How Robinhood balances its own exchange with its longstanding partnerships remains unclear, though the company has emphasized that multiple venues may continue to operate side by side on its platform.
Source:
Robinhood Teams Up With Susquehanna To Launch Own Prediction Market — But Won’t Abandon Kalshi, ingame.com, November 26, 2025
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