Robinhood Markets, Inc. announced it will acquire a 90% ownership stake in LedgerX, a CFTC‑regulated futures and options exchange, in a transaction that will be completed in the first quarter of 2026. The deal is structured in partnership with Susquehanna International Group, a leading market maker, which will help accelerate product development and market penetration.
The acquisition positions Robinhood to deepen its presence in the rapidly expanding prediction‑market and regulated derivatives space. By owning a majority stake in LedgerX, Robinhood gains a compliant platform that can host its own prediction‑market products, reducing reliance on third‑party exchanges and providing a new revenue stream that aligns with the company’s diversification strategy.
Robinhood’s recent financial performance underscores the strategic fit of the deal. In the third quarter of 2025, the company reported revenue of $1.27 billion, a 100 % year‑over‑year increase driven by strong demand in crypto, options, and equities trading, and a record $1.01 billion in diluted earnings per share. The earnings beat of $0.61 versus the consensus estimate of $0.51 was largely attributable to disciplined cost management and a favorable mix shift toward higher‑margin prediction‑market and banking services.
LedgerX’s history adds further context to the transaction. The exchange was originally part of FTX and was acquired by Miami International Holdings for $50 million in 2023 following FTX’s bankruptcy. LedgerX is a Designated Contract Market and Clearing Organization approved by the Commodity Futures Trading Commission, giving it a regulatory advantage that Robinhood can leverage to expand its derivatives offerings.
The partnership with Susquehanna is expected to accelerate the launch of new products. Susquehanna’s expertise as a market maker and liquidity provider will help LedgerX scale its trading platform and attract institutional participants, while Robinhood can integrate its user base and technology to drive adoption of prediction‑market products.
Vlad Tenev, Chairman and CEO of Robinhood, said the acquisition “strengthens our position in the growing prediction‑market space and gives us a regulated platform to scale our offerings.” CFO Jason Warnick added that the deal “aligns with our strategy to diversify revenue streams and capitalize on the momentum in regulated derivatives.”
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