New York, Jan 22, 2026, 12:50 PM ET — Regular session
- Robinhood shares were up about 0.6% at $106.58 in midday trading.
- A filing confirmed the closing of MIAXdx’s sale to a Robinhood-led venture, effective Jan. 20.
- Investors are watching what comes next for event contracts and the regulatory backdrop ahead of Feb. 10 results.
Robinhood Markets, Inc. shares rose about 0.6% on Thursday, as a filing confirmed the closing of a deal that gives the brokerage an ownership stake in MIAX Derivatives Exchange (MIAXdx), a regulated derivatives venue tied to its push into prediction markets. The stock was last at $106.58, after trading between $105.17 and $108.00. (SEC)
Why this matters now is simple: Robinhood needs new places to grow that are not wholly dependent on day-to-day swings in retail stock trading. A foothold in a regulated exchange and clearinghouse could widen its product menu and keep customers trading even when equity markets go quiet.
It also puts more attention on event contracts — trades that pay out based on a specific outcome — at a time when regulators and state officials are still fighting over where “derivatives” end and “gambling” begins.
The MIAXdx transaction sold 90% of the exchange to a joint venture established by Robinhood in partnership with Susquehanna International Group, with MIAX retaining a 10% stake. Robinhood executive JB Mackenzie said the purchase “accelerates our investment in the prediction markets,” while MIAX CEO Thomas Gallagher said the retained stake gives MIAX “exposure to the growing prediction market.” (SEC)
MIAXdx operates under U.S. Commodity Futures Trading Commission oversight. In plain terms, it is licensed to run a derivatives marketplace and a clearing operation that sits between buyers and sellers, helping manage collateral and settlement.
For Robinhood, the attraction is control. An owned venue can support faster product launches, tighter integration with its app and, potentially, a new revenue line if volumes build in event-linked contracts.
The venture also pairs Robinhood with Susquehanna, a large trading firm, which could matter if liquidity — the ease of getting in and out of trades without moving prices — becomes the deciding factor for retail adoption.
But the legal risk is real. A Massachusetts judge said he would issue a preliminary injunction barring prediction-markets operator Kalshi from letting residents bet on sports outcomes without a license, rejecting the argument that federal derivatives oversight blocks state gambling laws; the judge set a follow-up hearing for Friday and Kalshi has indicated it would appeal. (Reuters)
Even with the MIAXdx closing, investors still need clarity on timing: what products launch first, how quickly the platform scales, and what compliance costs look like if states and regulators keep pressing their case against sports-linked contracts.
Next up is earnings. Robinhood is scheduled to report fourth-quarter and full-year 2025 results on Feb. 10 after the market close, with a 5 p.m. ET video call featuring CEO Vlad Tenev and incoming CFO Shiv Verma — a date traders are circling for any detail on the MIAXdx rollout and the outlook for event contracts. (Businessinsider)
