Miami International Holdings has completed the sale of a 90% stake in its MIAX Derivatives Exchange (MIAXdx) to a joint venture created by Robinhood Markets in partnership with Susquehanna International Group, while retaining a 10% ownership interest in the exchange and clearinghouse. MIAXdx operates as a Designated Contract Market and Derivatives Clearing Organization with CFTC approval to list and clear fully collateralized futures, options on futures, and swaps, giving the new owners a regulated platform to expand in derivatives and so-called prediction markets.
MIAX framed the transaction as a strategic move to unlock shareholder value while sharpening its focus on organic growth across its core exchange portfolio, spanning options, equities, futures, and international markets, and including holdings such as the Bermuda Stock Exchange and The International Stock Exchange.
MIAX Chairman and CEO Thomas P. Gallagher said the retained minority position provides continued exposure to growth opportunities tied to prediction markets and keeps MIAX invested in MIAXdx’s long-term trajectory. Robinhood said the acquisition advances its effort to build out its futures and international business and strengthens its position in a growing asset class by enabling it to shape the customer experience on a regulated derivatives venue.
KEY QUOTES:
“Our sale of MIAXdx reaffirms our strategy of partnering with industry leaders to accelerate our growth strategies and we’re pleased to gain exposure to the growing prediction market through our retained equity stake in the exchange. MIAX is laser focused on organic growth opportunities within our core exchanges and believe the sale of 90% of MIAXdx unlocks significant value for our shareholders. We look forward to seeing what’s ahead for MIAXdx and remain invested in its long-term success.”
Thomas P. Gallagher, Chairman and Chief Executive Officer, MIAX
“The purchase of MIAXdx accelerates our investment in the prediction markets and improves our position to deliver a better experience for customers in this growing asset class. We’re grateful to MIAX for their trust and retained investment in the venture, and we look forward to exploring future partnership opportunities with a technology driven leader in the exchange industry.”
JB Mackenzie, VP and GM of Futures and International, Robinhood
