Robinhood(US:HOOD) 智通财经网·2025-11-26 04:09Group 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]