Robinhood and Susquehanna JV Acquires 90% of MIAXdx to Launch CFTC-Licensed Derivatives Exchange

Miami International Holdings Acquires LedgerX

May 19, 2023

Financial Services

Miami International Holdings, Inc. (MIH) has completed its acquisition of LedgerX LLC from Ledger Holdings Inc. in connection with the FTX debtors' bankruptcy proceedings. LedgerX is a CFTC-regulated derivatives exchange and clearinghouse, and MIH said the purchase expands its ability to offer new products to the swaps and futures industry.

Coinbase Acquires FairX to Build Regulated Crypto Derivatives Offering

January 12, 2022

Financial Services

Coinbase announced it is acquiring FairX (operating as LMX Labs, LLC), a CFTC-designated derivatives exchange, to accelerate the launch of regulated crypto derivatives for retail and institutional customers in the United States. The deal gives Coinbase a regulated trading venue and associated infrastructure and talent, enabling it to offer listed futures initially through FairX's partner ecosystem and eventually to all Coinbase customers; the transaction is subject to customary closing conditions.

Underdog Acquires Aristotle Exchange DCM and DCO

March 9, 2026

Financial Services

Underdog has acquired Aristotle Exchange DCM, Inc. and Aristotle Exchange DCO, Inc., which are CFTC-registered a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO). The deal enables Underdog to operate its own federally compliant prediction market exchange and list/clear sports event contracts directly.

MarketAxess Acquires Majority Stake in RFQ-hub Holdings LLC

May 12, 2025

Financial Services

MarketAxess Holdings Inc. has acquired approximately a 90% controlling stake in RFQ-hub Holdings LLC, the multi-dealer RFQ platform for listed and OTC derivatives, structured products and ETFs. Founding consortium members including Virtu Financial, Citadel Securities, Flow Traders, Jane Street Capital and BlackRock will retain minority stakes and continue to partner with MarketAxess as it integrates RFQ-hub technology and expands the platform globally.

Polymarket Acquires CFTC-Licensed Exchange and Clearinghouse QCEX for $112 Million

July 24, 2025

Financial Services

Polymarket has acquired the holding company of QCEX — the operator of a CFTC-licensed derivatives exchange (QCX, LLC) and clearinghouse (QC Clearing LLC) — for $112 million. The deal enables Polymarket to re-enter the U.S. market with a fully regulated trading and clearing framework, expanding its prediction-market platform to U.S. users under regulatory oversight.

Robinhood Markets to Acquire Bitstamp for About $200 Million

June 12, 2024

Payments & Fintech

Robinhood Markets entered into an agreement to buy Bitstamp, a global cryptocurrency exchange, for about $200 million in cash. The deal is subject to customary closing conditions and regulatory approvals and is expected to close in the first half of 2025, expanding Robinhood Crypto globally and adding an institutional business line.