A company associated with the now-defunct cryptocurrency exchange FTX is being acquired by Robinhood Markets and Susquehanna International Group as part of their entry into the prediction markets.
According to a Reuters report on Tuesday, Robinhood and Susquehanna will acquire 90% of LedgerX, one of the few solvent affiliates of FTX following its bankruptcy filing in 2022. This move comes just hours after Robinhood announced the launch of a futures and derivatives platform that will offer prediction market options.
Robinhood initially reported acquiring a majority stake in MIAXdx, an exchange and clearinghouse licensed by the U.S. Commodity Futures Trading Commission (CFTC). MIAXdx, formerly known as LedgerX, was acquired by Miami International Holdings (MIAX) for $50 million during the FTX bankruptcy proceedings in 2023. According to Reuters, MIAX will retain a 10% stake in the company.
MIAX CEO and Chairman Thomas Gallagher stated, "With our retained equity, the transaction announced today will enable MIAX to quickly enter the growing prediction market."
This acquisition could allow Robinhood to challenge larger prediction platforms like Kalshi and Polymarket. The prediction market is expected to see significant growth in 2024, partly due to interest in betting on the U.S. elections.
Since a federal court cleared the way for Kalshi to offer event contracts related to U.S. elections in October 2024, the market has seen substantial investments from companies both within and outside the cryptocurrency industry.
Reportedly, after a funding round led by Sequoia Capital and CapitalG, Kalshi raised its valuation to $11 billion last week. Polymarket also achieved a regulatory victory on Tuesday, with the CFTC approving the company to operate a U.S. intermediary trading platform.
It has been reported that the cryptocurrency exchange Coinbase is also developing a prediction market platform supported by Kalshi.
Within hours of the announcement, Robinhood's stock price surged about 8% on Nasdaq, reaching $125.24 at the time of publication.
Related: Why the SEC's new guidelines could accelerate the approval process for new cryptocurrency ETFs
Original article: “Robinhood Enters Prediction Markets Through Acquisition of FTX-Linked Company”
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