来源：格隆汇APP Robinhood(HOOD.US)盘初一度涨近9%，最高触及125.97美元。 消息面上，Robinhood与Susquehanna国际集团达成协议，将收购由迈阿密国际控股公司运营的一家受监 管交易所。此次收购将大幅助力两家公司在预测市场建立据点的推进计划。两家公司将收购LedgerX交 易所90%的股权。LedgerX曾是现已倒闭的加密货币交易所FTX的一部分。交易完成后，公司将与 Susquehanna成立合资企业，推出一家期货与衍生品交易所及清算所。(格隆汇) ...

Core Viewpoint - Robinhood is launching a futures and derivatives exchange and clearinghouse, enhancing its investment in predictive markets, which has led to a stock price increase of over 6.5% to $123.17 [1] Group 1: Business Development - Robinhood is establishing a new joint venture with Susquehanna, where Robinhood will act as the controlling partner, providing retail demand and distribution channels [1] - The joint venture will leverage Susquehanna International Group as a key partner and initial liquidity provider, with plans to introduce additional liquidity providers in the future [1] Group 2: Strategic Acquisitions - The joint venture aims to accelerate service delivery by acquiring MIAXdx, a designated contract market, derivatives clearing organization, and swap execution facility licensed by the CFTC [1] - MIAX will retain a 10% strategic equity stake in the exchange, ensuring continued involvement in the venture [1] Group 3: Future Operations - The independent joint venture is set to provide futures and derivative products through a futures commission merchant platform, including Robinhood's predictive markets, with operations expected to commence in 2026 [1]

Core Insights - Robinhood Markets (HOOD) is leveraging the prediction market boom to create a structural growth engine through the acquisition of a 90% stake in MIAX Derivatives Exchange in partnership with Susquehanna International Group [1][10] - The company plans to launch a dedicated futures and derivatives exchange and clearinghouse by 2026, positioning prediction markets as a long-term core business [3][12] Company Developments - MIAX Derivatives Exchange is a CFTC-licensed entity, and Miami International Holdings retains a 10% stake, providing regulatory credibility and a robust infrastructure [2] - Robinhood's prediction markets have become its fastest-growing product line, with approximately 9 billion contracts traded by over 1 million customers in the first year, generating over $100 million in annualized revenues [4][12] - Management anticipates a potential run rate of $300 million over time, driven by strong customer demand and engagement [4][5] Strategic Initiatives - The establishment of an independent futures and derivatives exchange and clearinghouse will allow Robinhood to manage clearing and execution internally, improving economics and product flexibility [5][6][10] - This move is expected to enhance the company's ability to innovate and respond to market demands, particularly in political, macroeconomic, and sports markets [6] Competitive Landscape - Robinhood faces competition from other firms in the prediction market space, notably Kalshi, which is expanding its regulated event-contract offerings [7] - Traditional derivatives market players like Cboe Global Markets and CME Group are also entering the prediction market arena, indicating a shift towards mainstream acceptance of prediction markets [8][11] - Cboe Global plans to launch event-based contracts tied to economic data, while CME Group is partnering with FanDuel to introduce a consumer-focused platform for trading event contracts [9] Market Outlook - The growing participation in prediction markets signals their transition into a mainstream asset class, characterized by increasing competition, deeper liquidity, and innovation [11] - Robinhood's prediction market business is expected to drive significant growth, appealing to younger traders and diversifying revenue streams beyond traditional models [12]

Core Insights - Robinhood (HOOD) has agreed to acquire 90% of MIAX Derivatives Exchange, aiming to enhance its presence in the prediction markets sector, which is rapidly growing [1][2] - Following the announcement, HOOD shares increased by 8.3% [1] - MIAX operates the CFTC-regulated derivatives exchange LedgerX, which it purchased from FTX for $50 million in 2023 [1] Company Developments - MIAX CEO Thomas Gallagher stated that the transaction will expedite MIAX's access to the growing prediction markets [2] - Robinhood currently accounts for over 50% of Kalshi's trading volume, generating more than $300 million in annual recurring revenue from prediction markets, with nine billion contracts traded by over one million users [4] - Analysts suggest that by adding its own liquidity, Robinhood can diversify its product offerings, increase trading volumes, and enhance its take-rate while continuing to distribute Kalshi contracts [4] Industry Trends - Bernstein highlighted that Robinhood's entry into prediction markets through a joint venture with Susquehanna underscores the importance of this business to Robinhood's growth narrative [3] - The prediction markets landscape is evolving into a two-tier structure, with platforms like Kalshi and Polymarket needing access to larger retail audiences through brokers and crypto exchanges [6] - Robinhood's 14 million active traders provide a significant demographic advantage, allowing the company to capture a larger share of the sector's revenue pool [6] Market Reactions - Bernstein has reaffirmed its outperform rating on Robinhood shares with a price target of $160 [7] - The report also anticipates that Coinbase (COIN) will introduce its prediction-markets product at an upcoming event, although its strategy remains uncertain [5]

每经AI快讯，Robinhood开盘上涨6%，创自2020年11月以来最高水平。 （文章来源：每日经济新闻） ...

Core Viewpoint - Robinhood Markets (HOOD) has experienced significant stock performance in 2025, with a year-to-date increase of 207% due to higher trading volumes in equities and crypto [1] Company Performance - As of Q3 2025, Robinhood reported a revenue increase of 100% year-over-year (YOY) to $1.27 billion and adjusted EBITDA growth of 177% to $742 million [5] - The average revenue per user (ARPU) rose by 82% YOY to $191, contributing to EBITDA margin expansion and improved cash flow [5] - The company had 26.8 million funded customers and 27.9 million investment accounts, with total platform assets reaching $333 billion [3] Market Activity - Following a peak of $153.86 in October 2025, HOOD stock corrected by over 25%, presenting a potential buying opportunity for investors [2] - Bridgewater Associates purchased 807,514 shares of Robinhood in Q3, indicating significant institutional interest [2] Growth and Diversification - HOOD stock has increased by 81% over the last six months, supported by healthy growth and diversification of product offerings [4] - The company continues to gain market share in equities, options, crypto, and margin markets, driven by investments in platform advancements [6] Market Conditions - The recent correction in Bitcoin prices may impact Robinhood's crypto trading volume, but expansionary monetary policies from central banks could positively affect risky asset classes [7]

Core Insights - Robinhood Markets, Inc. has launched a new venture focused on futures and prediction markets, aiming to enhance its derivatives trading capabilities [1][2] - The company reported significant customer growth and an increase in platform assets, indicating a strong demand for its services [2][9] - Prediction markets have quickly become a key revenue driver for Robinhood, with over 1 million customers trading approximately 9 billion contracts since their launch [3] Business Development - Robinhood plans to establish an independent exchange and clearinghouse for futures, options, and prediction contracts, controlling the joint venture while partnering with Susquehanna International Group for liquidity [2][4] - The joint venture will acquire MIAXdx, which holds necessary licenses from the U.S. Commodity Futures Trading Commission, allowing for a more robust trading infrastructure [4][5] - The new platform is expected to begin operations in 2026, pending regulatory approvals [6] Customer Demand and Growth - There is strong customer demand for prediction markets, prompting Robinhood to invest in its core exchange infrastructure to facilitate faster innovation [6] - As of October, Robinhood had 27.1 million funded customers, reflecting a month-over-month increase of about 210,000 and a year-over-year increase of 2.6 million [9] - Total platform assets reached $343 billion, marking a 3% increase from September and a 115% increase from October 2024 [9] Product Offering - In addition to prediction markets, Robinhood provides commission-free trading in stocks, options, futures, and cryptocurrencies, along with various financial products aimed at new investors [8]

Robinhood Markets (HOOD) and Susquehanna International Group acquired a 90% stake in a regulated exchange LedgerX run by ​Miami International (MIAX), aiming to expand their presence in the growing prediction markets sector. LedgerX is was a part of now-defunct ...

Robinhood to launch new derivatives exchange for prediction markets push https://t.co/8FQknz3O3W ...

Group 1 - Robinhood Markets Inc. and Susquehanna International Group are acquiring a majority stake in LedgerX, a regulated exchange previously associated with the bankrupt cryptocurrency business FTX, positioning themselves strongly in the growing prediction market sector [1] - LedgerX, now operated by Miami International Holdings, is a U.S. derivatives exchange that was once owned by FTX and has close ties to prediction markets, with Susquehanna acting as a market maker for Kalshi, a leading prediction market exchange [1] - The acquisition will allow Robinhood and Susquehanna to gain direct control over the infrastructure needed for listing and clearing event contracts, amidst competition from Wall Street, sports leagues, and crypto companies to shape the future of regulated speculative markets [1] Group 2 - The move may pose a challenge to Kalshi, which has relied on its partnership with Robinhood to push contracts to a broad user base, with over half of Kalshi's business coming from Robinhood in recent months [2] - Robinhood reported that its customers traded 2.3 billion event contracts in Q3, more than double the previous quarter, indicating strong demand for prediction markets [2] - Kalshi has faced significant legal uncertainties, including a recent ruling that requires it to be subject to gambling regulators, which has led to a halt in offering sports contracts in Nevada [2] Group 3 - Several companies interested in prediction markets have acquired regulated derivatives exchanges to offer competing contracts against Kalshi, including DraftKings and Flutter Entertainment's FanDuel [3] - LedgerX was initially a crypto-related derivatives platform and was one of the few solvent business units during FTX's bankruptcy, later acquired by MIAX for $50 million to expand its influence in the crypto sector [3] - MIAX will retain a 10% stake in the new business to maintain exposure to the risks associated with prediction markets [3]