Miami International Holdings Completes Sale of MIAXdx to Joint Venture Established by Robinhood Markets in Partnership with Susquehanna International Group

Rhea-AI Summary

Miami International Holdings (MIAX) completed the sale of 90% of MIAX Derivatives Exchange (MIAXdx) to a joint venture formed by Robinhood Markets (HOOD) and Susquehanna International Group on Jan. 21, 2026. MIAX retains a 10% equity stake in MIAXdx. MIAXdx is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) with CFTC approval to list and clear fully collateralized futures, options on futures, and swaps. Management described the transaction as a step to accelerate growth, gain exposure to prediction markets, and unlock shareholder value while keeping a minority investment in the exchange.

Positive

• 90% of MIAXdx sold to a JV led by Robinhood and Susquehanna
• MIAX retains a 10% equity stake in MIAXdx
• MIAXdx holds CFTC approval as a DCM and DCO

Negative

• MIAX reduced ownership to 10%, losing majority control of MIAXdx

News Market Reaction – HOOD

+0.13%

1 alert

+0.13% News Effect

On the day this news was published, HOOD gained 0.13%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Equity stake sold: 90% of MIAXdx Equity stake retained: 10% of MIAXdx

2 metrics

Equity stake sold 90% of MIAXdx Portion of MIAX Derivatives Exchange equity sold to Robinhood/Susquehanna joint venture

Equity stake retained 10% of MIAXdx Portion of MIAX Derivatives Exchange equity retained by Miami International Holdings

Market Reality Check

Price: $75.85 Vol: Volume 22,863,943 shares ...

normal vol

$75.85 Last Close

Volume Volume 22,863,943 shares is at 1.14x its 20-day average of 20,070,886 shares. normal

Technical Price 105.78 is trading above the 200-day MA at 101.39, but is 31.25% below the 52-week high of 153.8599.

Peers on Argus

HOOD was down 2.72% pre-news while larger peers were mixed: IBKR -0.68%, SCHW -1...

HOOD was down 2.72% pre-news while larger peers were mixed: IBKR -0.68%, SCHW -1.29%, LPLA -1.50%, TW -2.14%, and FUTU +2.17%. No peers appeared in momentum scanners, pointing to a stock-specific move rather than a sector-wide shift.

Historical Context

5 past events · Latest: Jan 02 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 02	Earnings date set	Neutral	+1.9%	Set timing for Q4 and full-year 2025 earnings release.
Dec 10	Operating metrics	Positive	-0.0%	Reported mixed November trends with strong year-over-year growth.
Nov 25	MIAXdx partnership	Positive	+0.5%	Announced agreement to acquire 90% of MIAXdx with MIAX retaining 10%.
Nov 13	Operating metrics	Positive	-8.6%	Strong October growth across customers, assets, and trading volumes.
Nov 06	Conference appearance	Neutral	+2.6%	Announced presentation at Wolfe Research Wealth Symposium.

Pattern Detected

Operational updates and partnership news have often seen mixed but generally aligned price reactions, with one notable divergence on strong October 2025 operating data.

Recent Company History

Over the past few months, Robinhood reported operating data for October and November 2025 showing strong year-over-year growth across assets, trading volumes, and margin, though one update coincided with a -8.61% move. The company also announced a prior MIAXdx partnership deal on Nov 25, 2025 and scheduled its Q4/FY 2025 earnings release for Feb 10, 2026. Today’s completion of the MIAXdx sale builds directly on that earlier partnership announcement.

Market Pulse Summary

This announcement confirms completion of Robinhood’s joint venture acquisition of 90% of MIAXdx, a C...

Analysis

This announcement confirms completion of Robinhood’s joint venture acquisition of 90% of MIAXdx, a CFTC‑regulated Designated Contract Market and Derivatives Clearing Organization, with MIAX retaining a 10% stake. It builds on the earlier agreement disclosed in November 2025 and expands Robinhood’s reach into fully collateralized futures, options on futures, swaps, and prediction markets. Investors may watch how volumes, customer adoption, and regulatory developments evolve around MIAXdx.

Key Terms

designated contract market, derivatives clearing organization, commodity futures trading commission, futures, +3 more

7 terms

designated contract market regulatory

"MIAXdx is a Designated Contract Market (DCM) and Derivatives Clearing Organization"

A designated contract market is a regulated, public exchange where standardized futures and options contracts are bought and sold, similar to a supervised marketplace with clear rules and a referee to enforce them. It matters to investors because trading on such an exchange provides transparent prices, predictable contract terms and built‑in safeguards that reduce counterparty risk, making it easier to assess value and execute trades reliably.

derivatives clearing organization regulatory

"Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) with regulatory approval"

A derivatives clearing organization is a regulated financial middleman that stands between buyers and sellers of futures, options, and other contracts to make sure trades are completed even if one side cannot pay. It collects collateral, nets offsetting positions, and runs backup plans for defaults, like an insurance pool for trades. Investors care because it reduces the chance of sudden losses from a counterparty failure, supports market liquidity, and makes derivatives trading safer and more reliable.

commodity futures trading commission regulatory

"with regulatory approval from the Commodity Futures Trading Commission (CFTC) to list and clear"

A U.S. federal agency that oversees trading in futures, options and swap contracts—agreements to buy or sell assets at a later date. It writes and enforces rules, monitors markets for fraud and manipulation, and requires reporting so prices reflect real supply and demand. Think of it as a referee and rulebook keeper for complex financial markets: its oversight helps investors trust market prices and reduces the risk of abrupt disruptions.

futures financial

"approval from the CFTC to list and clear fully collateralized futures, options on futures, and swaps"

A futures contract is a standardized agreement to buy or sell an asset (like a commodity, currency, or stock index) at a fixed price on a specific future date. Think of it like locking in the price of a house today for a move-in years from now: it lets buyers and sellers protect themselves against price swings or bet on which way prices will move. For investors, futures matter because they provide a cheap way to manage risk, amplify returns through leverage, and signal market expectations that can move cash prices.

options on futures financial

"to list and clear fully collateralized futures, options on futures, and swaps"

An option on a futures contract is a financial contract that gives the buyer the right, but not the obligation, to enter into a futures agreement at a set price by a certain date, in exchange for a small upfront fee. For investors it matters because it lets you gain or hedge exposure to a commodity, currency, or index with limited upfront cost and defined downside — like buying a reservation ticket that locks in a future price without forcing you to follow through.

swaps financial

"to list and clear fully collateralized futures, options on futures, and swaps"

A swap is a private contract in which two parties agree to exchange streams of future payments or obligations—commonly swapping a fixed payment for a variable one, or exchanging cash flows tied to different interest rates or currencies. Investors use swaps to change their exposure to interest rates, currency moves or credit risk without buying or selling the underlying asset, which can lower financing costs, hedge against unwanted swings, or be used to speculate on market changes.

prediction market financial

"gain exposure to the growing prediction market through our retained equity stake"

A prediction market is a platform where people buy and sell contracts that pay out based on the outcome of a future event, turning collective opinions into a price that reflects the market’s best guess. It matters to investors because those prices act like a crowd-sourced probability—similar to odds at a sports book—helping gauge sentiment, anticipate risks, and inform trading or decision-making when formal data is limited.

AI-generated analysis. Not financial advice.

Miami International Holdings Retains 10% Stake in the Exchange and Clearinghouse

PRINCETON, N.J. and MIAMI, Jan. 21, 2026 /PRNewswire/ -- Miami International Holdings, Inc. (MIAX^®) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced it has completed the sale of 90% of the issued and outstanding equity in MIAX Derivatives Exchange (MIAXdx™), a wholly owned subsidiary of MIAX, to a joint venture established by Robinhood Markets, Inc. (Robinhood) (NASDAQ: HOOD) in partnership with Susquehanna International Group. MIAX has retained 10% of the issued and outstanding equity of MIAXdx.

MIAXdx is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) with regulatory approval from the Commodity Futures Trading Commission (CFTC) to list and clear fully collateralized futures, options on futures, and swaps.

"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," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. "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."

"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," said JB Mackenzie, VP and GM of Futures and International at Robinhood. "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."

About MIAX
Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX operates eight exchanges across options, futures, equities and international markets including MIAX^® Options, MIAX Pearl^®, MIAX Emerald^®, MIAX Sapphire^®, MIAX Pearl Equities™, MIAX Futures™, The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant. To learn more about MIAX, please visit www.miaxglobal.com.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in Miami International Holdings, Inc.'s (together with its subsidiaries, the Company) public filings with the Securities and Exchange Commission. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise.

All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.

MIAX Contacts:

Investors
investor.relations@miaxglobal.com 

Media
media@miaxglobal.com 

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SOURCE MIAX

FAQ

What did MIAX announce about the sale of MIAXdx on January 21, 2026?

MIAX sold 90% of MIAXdx to a joint venture formed by Robinhood (HOOD) and Susquehanna, retaining a 10% stake.

Who purchased MIAXdx and how is the buyer structured in the Jan. 21, 2026 deal?

A joint venture established by Robinhood Markets (HOOD) in partnership with Susquehanna International Group acquired the 90% interest.

What regulatory permissions does MIAXdx have after the transaction?

MIAXdx is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) with CFTC approval to list and clear fully collateralized futures, options on futures, and swaps.

How much ownership does MIAX retain in MIAXdx following the sale?

MIAX retains a 10% ownership stake in MIAXdx.

What strategic rationale did MIAX give for selling 90% of MIAXdx?

MIAX said the sale supports partnerships with industry leaders, accelerates growth strategies, and provides exposure to the prediction market while unlocking shareholder value.