From a traditional market-making giant to a core market maker in prediction markets, SIG's forward-looking strategy in crypto.

Billionaire Jeff Yass founded Susquehanna International Group (SIG) in 1987, building the company from the ground up through proprietary capital trading after his early experiences with poker and horse race betting. Today, SIG ranks among the largest market makers for listed equity options in the United States, providing liquidity for stocks and derivatives across more than 50 global markets.

SIG is well known in the domestic market, largely because its fund, SIG Asia Investments, participated in ByteDance’s angel round in 2012 and remains one of its major shareholders.

SIG has always demonstrated forward-looking vision in both investment and trading. Over the past decade, SIG has gradually expanded into the crypto asset sector—first engaging in Bitcoin spot and derivatives markets, then market making on compliant exchanges through its subsidiaries. SIG has also systematically invested in public blockchain infrastructure, DeFi protocols, and digital identity solutions via platforms such as SIG DT and SIG Venture Capital. In the last two years, SIG has made successful moves into prediction markets, emerging as a key player in the space.

From Derivatives Powerhouse to Crypto Market Participant

SIG began tracking Bitcoin-related trading as early as 2014, when it was invited to discussions about market making for early Bitcoin ETF proposals.

In 2016, SIG formed a dedicated crypto trading team. By 2018, the team had grown to around twelve people, executing OTC protocol trades involving millions of dollars in Bitcoin and other digital assets. In 2018, Bart Smith, SIG’s Head of Digital Assets, publicly stated that the company had established a specialized crypto trading division and described Bitcoin as “digital gold.” He predicted that crypto assets and blockchain technology would endure and fundamentally reshape financial services—a clear signal of SIG’s ongoing commitment to the sector.

SIG’s approach to crypto assets mirrors its traditional market strategy: it starts by testing strategies and infrastructure with proprietary capital in OTC and exchange environments, then progressively expands to provide more transparent, compliant on-exchange liquidity.

In centralized digital asset trading, SIG’s confirmed market making and liquidity partnerships focus on platforms serving institutional clients with well-defined regulatory frameworks.

In 2022, TP ICAP announced that Susquehanna Digital Assets, SIG’s digital asset subsidiary, joined its Digital Assets Spot platform as a liquidity provider and market maker alongside Flow Traders, Jane Street, and Virtu Financial. Together, they offer electronic OTC quotes and execution for Bitcoin and Ethereum spot trades.

SIG also provides liquidity at numerous regulated digital asset and derivatives venues, though most partnership details remain undisclosed.

To support its crypto operations, SIG established Susquehanna Crypto, a Bahamas-based digital asset trading company. Registered with the Securities Commission of the Bahamas as a digital asset business, the firm trades spot and derivatives—including futures, options, and perpetual contracts—globally with proprietary capital and relies heavily on automated trading algorithms.

From Behind the Scenes to Center Stage: Navigating Prediction Markets

Beyond liquidity and market making, SIG has recently focused on emerging compliant trading platforms known as prediction markets. These platforms allow users to buy and sell contracts based on outcomes of real-world events—such as elections or economic indicators—to “predict” results. Such trades are classified as event derivatives, similar to traditional futures and options, but often include non-traditional subjects like politics and sports.

Historically, regulatory barriers confined prediction markets to gray areas or small academic platforms. Recently, the US regulatory landscape has eased, paving the way for compliance and attracting mainstream institutional interest. SIG positioned itself early as a behind-the-scenes player, just as prediction markets began to surge.

In April 2024, Susquehanna Government Products, LLLP, a SIG subsidiary, became the first designated market maker for Kalshi—the first regulated prediction market exchange in the US. Kalshi, approved by the Commodity Futures Trading Commission (CFTC), allows users to trade outcomes for economic data, weather, elections, and more. SIG created a dedicated trading department for Kalshi, providing continuous two-sided quotes and deep liquidity.

Kalshi co-founder Tarek Mansour said that SIG’s entry as the first institutional market maker “changed everything,” delivering unprecedented liquidity to prediction markets. This partnership solved the persistent liquidity shortage in event contract trading and set the stage for Kalshi’s explosive growth in 2024. By December 2025, Kalshi’s valuation reached $11 billion in its latest funding round.

In November 2025, SIG deepened its commitment to prediction markets by announcing a joint agreement with US brokerage giant Robinhood to acquire up to 90% of regulated crypto derivatives exchange LedgerX. LedgerX, licensed by the CFTC, is a digital currency futures and options platform that was previously an asset of the now-bankrupt FTX exchange. Miami International Holdings (MIAX) acquired LedgerX in early 2023 for $50 million.

The joint acquisition of LedgerX by Robinhood and SIG marks a major milestone for both companies in prediction markets and derivatives. Robinhood stated that, following the transaction, it will establish a joint venture with SIG to launch a platform integrating exchange and clearing for futures and derivatives. Leveraging LedgerX’s existing licenses and technology, the new platform is expected to launch in 2026, offering compliant event futures and other derivatives trading services.

SIG’s Investment Strategy in Crypto

Beyond direct trading and platform operations, SIG and its affiliated investment entities have made deep inroads into the crypto industry through venture capital and acquisitions. SIG, an early investor in ByteDance, is known for its discreet and pragmatic approach, often holding investments long term with an entrepreneurial mindset. Its portfolio spans trading and risk management infrastructure, trading platforms, data services, and more.

1. Derivatives and Infrastructure

Pyth Network: In August 2021, SIG DT Investments, SIG’s digital asset investment arm, joined Pyth Network to provide real-time pricing data for Bitcoin and other crypto assets. According to the official release, SIG will continue to contribute market-making prices as Pyth Network expands, supporting high-frequency, low-latency derivatives applications in DeFi.

Hxro Network (Solana Derivatives Protocol): In 2021, Hxro, a derivatives liquidity network built on Solana, raised $34 million in strategic funding.

Kadena (Public Blockchain Infrastructure): In 2018, Kadena, a hybrid consensus public blockchain, closed a $12 million Series B SAFT round with investors including SIG and Multicoin Capital, aimed at expanding its high-throughput enterprise blockchain and smart contract platform.

Infinity Exchange: In February 2023, London-based Infinity Exchange raised $4.2 million in a seed round led by SIG DT and GSR Markets, with the goal of building a decentralized fixed income and derivatives market that incorporates traditional interest rate swap logic.

SynFutures: In October 2023, decentralized derivatives DEX SynFutures announced a $22 million Series B round, backed by SIG DT Investments, Pantera Capital, HashKey Capital, and others, to expand its multi-chain perpetual contract and futures market.

These investments reflect SIG’s focus on “price discovery, interest rate pricing, and risk management infrastructure.”

2. Identity and Credentials

Accredify (Blockchain-Based Verifiable Credentials): In 2023, Singapore-based Accredify raised $7 million in a Series A round led by iGlobe Partners and SIG Venture Capital, aiming to expand its on-chain credential services for education, healthcare, and business registration. This investment is closely tied to traditional finance’s requirements for KYC, compliance documentation, and anti-counterfeiting, and underscores SIG’s commitment to “data reliability and identity management.”

3. Data and Research

TokenInsight (Crypto Ratings and Data): In 2018, research and ratings agency TokenInsight secured a multimillion-dollar Series A round led by Matrix Partners, with SIG Capital as an early investor and board member. TokenInsight provides token ratings, indices, and research data to exchanges and institutions, serving as “neutral information infrastructure” for the industry and reflecting SIG’s traditional focus on data and research.

4. Privacy and Identity Protocols

zkPass (Privacy-Preserving Identity and Proof Protocol): In August 2023, zkPass raised $2.5 million in a seed round backed by Binance Labs, Sequoia China, OKX Ventures, and SIG DT Investments, with funding dedicated to its pre-release testnet. zkPass combines zero-knowledge proofs and multiparty secure computation, allowing users to prove specific attributes—such as credit scores or education—to applications without revealing original documents. This technology has strong potential for compliant DeFi, on-chain identity, and credit markets.

5. Trading Platforms and Asset Management

KuCoin (Crypto Exchange): In 2022, KuCoin closed a $150 million pre-Series B round at a $10 billion valuation, with investors including Jump Crypto, Circle Ventures, IDG, and SIG.

TigerWit (Forex/CFD Platform): SIG previously invested about $5 million in TigerWit, a forex and CFD platform leveraging blockchain technology, to support distributed ledger adoption in trading and settlement. This is a prime example of “traditional derivatives platforms integrating blockchain.”

Blofin (Digital Asset Management): In 2022, Blofin, a digital asset financial services provider, raised $50 million in a Series B round led by KuCoin and joined by SIG, Matrix Partners, and others, to expand its quantitative trading and compliance efforts.

These investments reflect SIG’s traditional financial strategy—combining brokerage/trading platforms, asset management, and infrastructure—now extended from stocks and options to cryptocurrencies and on-chain derivatives.

Looking at SIG’s recent public disclosures, several consistent themes emerge in its crypto strategy: a core focus on proprietary trading and market making; participation in DeFi centered on infrastructure and data rather than trend chasing; and a cautious approach to regulatory and geographic decisions. SIG’s expansion into crypto resembles that of an “old-school derivatives market maker” moving into new asset classes: rather than relying on publicity, SIG persistently seeks opportunities by focusing on liquidity, pricing, and risk management infrastructure in emerging markets.

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