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Highlights
- MIAX agrees to sell 90% of MIAXdx to Robinhood in partnership with Susquehanna International Group.
- MIAX will retain a 10% equity stake in MIAXdx after the transaction closes.
- The deal gives MIAX accelerated access to the emerging prediction markets sector.
- Robinhood aims to expand its derivatives and futures capabilities through the acquisition.
Miami International Holdings, Inc. (NYSE:MIAX) has entered into an agreement to sell 90% of MIAX Derivatives Exchange (MIAXdx), its wholly owned subsidiary, to Robinhood Markets, Inc. (NASDAQ:HOOD) in partnership with Susquehanna International Group. MIAX will continue to hold the remaining 10% of MIAXdx, preserving its foothold in the expanding derivatives and prediction markets space.
MIAXdx operates as both a Designated Contract Market and a Derivatives Clearing Organization, with approval from the Commodity Futures Trading Commission to list and clear fully collateralized futures, options on futures, and swaps. The planned sale aligns with MIAX’s strategy of partnering with industry innovators to bring new categories of trading products to the market.
Thomas P. Gallagher, Chairman and CEO of MIAX, noted that the retained ownership stake will enable the company to participate directly in the accelerating prediction markets category. He emphasized that the collaboration with Robinhood fits within MIAX’s broader roadmap of pursuing targeted growth initiatives across its regulated trading platforms.
Robinhood Expands Futures and Derivatives Capabilities
For Robinhood, the acquisition represent a meaningful expansion into derivatives and futures markets. JB Mackenzie, VP and GM of Futures and International at Robinhood, highlighted MIAX’s reputation as a leading exchange operator and expressed optimism about the potential for new product development.
This partnership gives Robinhood access to MIAXdx’s existing regulatory approvals, allowing the company to more rapidly scale its offering of futures and fully collateralized derivatives. With retail and institutional traders showing increased interest in prediction markets, the deal positions Robinhood enter a market segment with clear demand for accessible, compliant trading venues.
Alignment Supports Both Market Access and Long-Term Value Potential
MIAX stated that it evaluated multiple pathways to enter prediction markets and determined that the partnership with Robinhood and Susquehanna provided the most effective route. The collaboration aims to give both institutional and retail traders exposure to a developing market while offering MIAX potential long-term value creation through its retained equity.
The transaction is expected to close in the first quarter of 2026. Once finalized, MIAXdx will operate under new majority ownership but with MIAX maintaining continued strategic involvement.
The sale of a majority stake in MIAXdx marks a pivotal move for Miami International Holdings as it positions itself within the advancing prediction markets landscape. For Robinhood, the acquisition expands its footprint in futures and derivatives trading while opening opportunities for innovative product development.
