--- title: "Robinhood and Susquehanna acquire a majority stake in LedgerX to upgrade the prediction market arms race" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/267453178.md" description: "Robinhood Markets Inc. and Susquehanna International Group are acquiring a majority stake in the regulated exchange LedgerX, which was previously associated with the bankrupt cryptocurrency business FTX. This deal will provide both companies with a strong new foothold in the rapidly growing prediction market space and the necessary infrastructure to list and settle event contracts on their own terms" datetime: "2025-11-26T04:05:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/267453178.md) - [en](https://longbridge.com/en/news/267453178.md) - [zh-HK](https://longbridge.com/zh-HK/news/267453178.md) --- > 支持的语言: [English](https://longbridge.com/en/news/267453178.md) | [繁體中文](https://longbridge.com/zh-HK/news/267453178.md) # Robinhood and Susquehanna acquire a majority stake in LedgerX to upgrade the prediction market arms race According to Zhitong Finance APP, Robinhood Markets Inc. (HOOD.US) and Susquehanna International Group are taking over LedgerX, a regulated exchange previously associated with the bankrupt cryptocurrency business FTX. It is reported that the two companies are acquiring a majority stake in LedgerX, which gives them a strong new foothold in the rapidly growing prediction market sector. LedgerX is a U.S. derivatives exchange that was once owned by FTX and is currently operated by Miami International Holdings. The acquirers have long been closely linked to the prediction market. Susquehanna has stated that it serves as a market maker for Kalshi, the leading prediction market exchange in the U.S. Robinhood provides event contracts from Kalshi to its retail investment clients. This new deal will give Robinhood and Susquehanna direct control, allowing them to establish the infrastructure needed to list and settle event contracts on their own terms. At this moment, Wall Street, sports leagues, and cryptocurrency companies are competing to shape the future of the regulated speculative market. "Robinhood sees strong demand from customers for prediction markets," said JB Mackenzie, Vice President and General Manager of Futures and International Business at Robinhood, in a statement. "Our investment in infrastructure will enable us to provide a better experience and more innovative products for our customers." The financial details of the transaction were not disclosed, but MIAX stated that it sold 90% of its exchange to a consortium led by Robinhood. Robinhood claims it will become the "controlling partner" of the new joint venture, while Susquehanna will act as the "first-day liquidity provider" to ensure counterparties for customer trades. This move could pose a challenge to Kalshi, as Kalshi has been pushing its contracts to a wide user base through its partnership with Robinhood. According to analysis, more than half of Kalshi's business in recent months has come from Robinhood. In its recent financial report, Robinhood stated that its customers traded 2.3 billion event contracts in the third quarter, more than double that of the previous quarter. "I am confident that Kalshi is counting the volume of trades we bring to them, which is quite substantial," Robinhood CFO Jason Warnick said during a conference call with analysts this month. Kalshi did not immediately respond to a request for comment regarding the MIAX transaction. Kalshi is one of the first companies to receive approval from the U.S. Commodity Futures Trading Commission to establish exchange-listed financial contracts linked to event outcomes. Since Kalshi began offering sports event trading through its exchange, the business has seen explosive growth this year There is still significant legal uncertainty surrounding this business. A federal judge in Nevada ruled this week that Kalshi must be subject to the jurisdiction of gambling regulators, who have informed the company to cease offering sports contracts in the state. The same judge also denied a temporary restraining order to Robinhood on Tuesday, which would have prevented Nevada's gambling regulators from taking enforcement action against the brokerage. Robinhood stated that it would appeal this ruling. Meanwhile, several companies interested in prediction markets have acquired U.S.-regulated derivatives exchanges to begin offering contracts that compete with Kalshi. Sports betting company DraftKings has acquired an exchange and incorporated it into its own platform, while FanDuel, a subsidiary of Flutter Entertainment Plc, has partnered with the Chicago Mercantile Exchange to create a new platform for betting on sports and other events. Polymarket, which previously offered prediction markets overseas, announced on Tuesday that it has gained new approval to enter the U.S. market through its recently acquired regulated exchange QCX. LedgerX was originally a crypto-related derivatives platform and was one of the few solvent business units during the FTX bankruptcy. It was a significant part of Sam Bankman-Fried's efforts to gain power and influence in Washington. After the collapse of FTX in 2022, MIAX acquired the platform for $50 million to expand its influence in the crypto industry. MIAX announced on Tuesday that it will retain a 10% stake in the new business to gain exposure to the risks of prediction markets ### 相关股票 - [Robinhood (HOOD.US)](https://longbridge.com/zh-CN/quote/HOOD.US.md) ## 相关资讯与研究 - [13:42 ETAccuQuant Secures $20 Million in Funding to Advance AI-Driven Financial Infrastructure](https://longbridge.com/zh-CN/news/281654885.md) - [Robinhood Stock Gains Backing as Barclays Analyst Forecasts 90% Upside on 'an Ambitious Growth Roadmap'](https://longbridge.com/zh-CN/news/281177304.md) - [The Smart Money Is Quietly Moving - a Rare Window in Electric Infrastructure May Not Stay Open for Long](https://longbridge.com/zh-CN/news/281464449.md) - [16:32 ETImperial Capital Launches Northridge Infrastructure Solutions](https://longbridge.com/zh-CN/news/281420594.md) - [Kyndryl launches Agentic Service Management to power AI-native infrastructure services and intelligent workflows | KD Stock News](https://longbridge.com/zh-CN/news/281461999.md)