Robinhood Markets, Inc. finalized the sale of a 90% equity stake in MIAX Derivatives Exchange (MIAXdx) to a joint venture formed with Susquehanna International Group on January 21, 2026. The transaction leaves MIAX holding a 10% minority interest and positions the joint venture as the controlling operator of the regulated futures, options‑on‑futures, and swaps platform that underpins Robinhood’s rapidly growing prediction‑market offering.
The deal, while not publicly disclosed in terms of price, represents a strategic shift for both parties. For Robinhood, the acquisition consolidates its prediction‑market infrastructure under its own umbrella, giving it greater control over pricing, liquidity, and product development. For MIAX, the sale frees capital and management bandwidth to focus on its eight core exchanges and the Dorman Trading futures commission merchant, while still retaining a foothold in the high‑growth prediction‑market segment through its 10% stake.
Robinhood’s Q3 2025 earnings—its most recent quarterly report—showed revenue of $1.27 billion, up 6.7% YoY, and earnings per share of $0.61, beating analyst estimates by $0.10 or 19.6%. The growth was driven by a 3× sequential surge in prediction‑market contract volume, which reached 2.5 billion trades in October 2025, and by a 15% rise in cryptocurrency trading revenue. The company’s guidance for Q4 2025, released on February 10, 2026, maintains a revenue outlook of $1.35 billion and EPS of $0.58, reflecting confidence in sustained demand for its expanded product suite.
Susquehanna International Group, a global quantitative trading firm, will provide market‑making expertise and liquidity to the joint venture. The partnership is expected to deepen depth in MIAXdx’s product offerings, particularly in the prediction‑market space where the line between peer‑to‑peer betting and traditional sports wagering is increasingly blurred. Susquehanna’s scientific‑rigor approach to market data is anticipated to enhance pricing accuracy and reduce volatility for Robinhood’s customers.
Management comments underscore the strategic intent behind the transaction. Robinhood VP and GM of Futures, JB Mackenzie, said the sale “accelerates our investment in prediction markets and improves our position to deliver a better experience for customers in this growing asset class.” MIAX CEO Thomas P. Gallagher noted that the deal “reaffirms our strategy of partnering with industry leaders to accelerate growth while allowing us to focus on organic expansion of our core exchanges.”
The transaction aligns with Robinhood’s broader diversification strategy, which has seen the company tripling its market cap in 2025 and expanding into new revenue streams such as Robinhood Social and cryptocurrency trading. By owning a majority stake in MIAXdx, Robinhood can now directly influence product development, fee structures, and regulatory compliance, potentially unlocking higher margins in a market that has seen a 3× increase in trading volume year‑over‑year.
The deal also signals a shift in the competitive landscape for regulated derivatives exchanges. With MIAXdx’s 10% stake, MIAX retains a financial interest in the platform’s success while redirecting resources to its other eight exchanges, which collectively handle options, futures, equities, and international products. This realignment may improve MIAX’s operational efficiency and allow it to pursue strategic acquisitions or technology upgrades in its core areas.
Overall, the sale positions Robinhood to capture a larger share of the prediction‑market economy, while MIAX can concentrate on its core exchange operations. The joint venture is expected to deliver enhanced liquidity, deeper market depth, and a more robust product offering for both firms’ customers.
The transaction is a material event that will likely influence long‑term investment theses for stakeholders interested in the evolving prediction‑market sector and the broader derivatives exchange landscape.
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