Robinhood, Susquehanna Acquire 90% Stake in MIAXdx
Event summary
- Miami International Holdings (MIAX) has sold 90% of MIAX Derivatives Exchange (MIAXdx) to a joint venture between Robinhood and Susquehanna International Group.
- MIAX retains a 10% equity stake in MIAXdx.
- MIAXdx operates as a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), regulated by the CFTC.
- The deal was completed on January 21, 2026.
The big picture
The sale of MIAXdx represents a strategic realignment for MIAX, allowing it to concentrate on its existing exchange platforms while providing Robinhood and Susquehanna with a foothold in the derivatives market. This move highlights the increasing interest in prediction markets and the willingness of established players to partner with fintech disruptors to capitalize on this trend. The retained 10% stake for MIAX provides a continued revenue stream and exposure to the potential growth of the venture.
What we're watching
- Prediction Markets
- Robinhood’s stated focus on prediction markets suggests a potential expansion of MIAXdx’s offerings, which could attract new retail and institutional participants, but also carries regulatory scrutiny.
- MIAX Strategy
- MIAX’s decision to retain only 10% of MIAXdx indicates a strategic shift towards focusing on its core exchange businesses, and the success of this strategy will depend on its ability to generate organic growth.
- Integration Risk
- The integration of MIAXdx into Robinhood and Susquehanna’s operations could present challenges, particularly regarding technology, regulatory compliance, and potential conflicts of interest.
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