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M&A Deal Summary

Robinhood and miax Acquire MIAX Derivatives Exchange

On November 25, 2025, Robinhood and miax acquired business services company MIAX Derivatives Exchange from miax

Acquisition Highlights
  • This is Robinhood’s 2nd and miax’s 2nd transaction in the Business Services sector.
  • This is Robinhood’s 2nd and miax’s 4th transaction in the United States.
  • This is Robinhood’s 1st and miax’s 2nd transaction in New Jersey.

M&A Deal Summary
Date 2025-11-25
Target MIAX Derivatives Exchange
Sector Business Services
Buyer(s) Robinhood
miax
Sellers(s) miax
Deal Type Divestiture

Target

MIAX Derivatives Exchange

Princeton, New Jersey, United States
MIAX Derivatives Exchange (MIAXdx) is a digital currency futures and options exchange and clearinghouse regulated by the US Commodity Futures Trading Commission (CFTC). MIAXdx is based in Princeton, New Jersey.

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Buyer(S) 2

Buyer

Robinhood

Menlo Park, California, United States
Category Company
Founded 2013
Sector Financial Services
Employees2,300
Revenue 3.0B USD (2024)
DESCRIPTION

Robinhood operates as an institutional brokerage company. Robinhood offers commission-free trading in one, user-friendly platform. Robinhood was founded in 2013 and is based in Menlo Park, California.

DEAL STATS #
Overall 4 of 6
Sector: Business Services M&A 2 of 4
Type: Divestiture M&A Deals 1 of 1
State: New Jersey M&A 1 of 1
Country: United States M&A 2 of 2
Year: 2025 M&A 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-05-13 WonderFi

Vancouver, British Columbia, Canada

WonderFi is a technology company with the mission of creating better access to DeFi through the core principles of simplicity and education. WonderFi has a multi-pronged business strategy which includes a high-growth consumer finance app which will serve as a trusted gateway to the new financial system, and a digital asset portfolio which consists of leading crypto and DeFi assets. WonderFi is based in Vancouver, British Columbia.

Buy CA$250M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-12-07 Buana Capital

Jakarta, Indonesia

Buana Capital is an Indonesian brokerage that offers clients not only access to capital in one of the most attractive markets but also direct access to investors. Buana Capital was formed in 1990 and is based in Jakarta, Indonesia.

Buy -
Buyer

miax

Princeton, New Jersey, United States
Category Company
Sector Financial Services
Revenue 1.1B USD (2024)
DESCRIPTION

miax provides member firms with traditional pricing and pro-rata allocation (MIAX), maker-taker pricing and price-time allocation (MIAX PEARL) market structures, and a hybrid market structure with maker-taker pricing and pro-rata allocation (MIAX Emerald). It is the parent holding company of Miami International Securities Exchange, LLC (MIAX), MIAX PEARL, LLC (MIAX PEARL) and MIAX Emerald, LLC (MIAX Emerald and together with MIAX and MIAX PEARL, the MIAX Exchange Group), three fully electronic options trading exchanges. miax is based in Princeton, New Jersey.

DEAL STATS #
Overall 5 of 5
Sector: Business Services M&A 2 of 2
Type: Divestiture M&A Deals 2 of 2
State: New Jersey M&A 2 of 2
Country: United States M&A 4 of 4
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-25 MIAX Derivatives Exchange

Princeton, New Jersey, United States

MIAX Derivatives Exchange (MIAXdx) is a digital currency futures and options exchange and clearinghouse regulated by the US Commodity Futures Trading Commission (CFTC). MIAXdx is based in Princeton, New Jersey.

Buy -

Seller(S) 1

SELLER

miax

Princeton, New Jersey, United States
Category Company
Sector Financial Services
Revenue 1.1B USD (2024)
DESCRIPTION

miax provides member firms with traditional pricing and pro-rata allocation (MIAX), maker-taker pricing and price-time allocation (MIAX PEARL) market structures, and a hybrid market structure with maker-taker pricing and pro-rata allocation (MIAX Emerald). It is the parent holding company of Miami International Securities Exchange, LLC (MIAX), MIAX PEARL, LLC (MIAX PEARL) and MIAX Emerald, LLC (MIAX Emerald and together with MIAX and MIAX PEARL, the MIAX Exchange Group), three fully electronic options trading exchanges. miax is based in Princeton, New Jersey.

DEAL STATS #
Overall 1 of 1
Sector: Business Services M&A 1 of 1
Type: Divestiture M&A Deals 1 of 1
State: New Jersey M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-25 MIAX Derivatives Exchange

Princeton, New Jersey, United States

MIAX Derivatives Exchange (MIAXdx) is a digital currency futures and options exchange and clearinghouse regulated by the US Commodity Futures Trading Commission (CFTC). MIAXdx is based in Princeton, New Jersey.

Buy -
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