Robinhood Takes Equity Stakes in Crypto.com and OG.com for Prediction Markets Deal

Robinhood has acquired equity stakes in both Crypto.com and its newly spun-off prediction market platform, OG.com, as part of a multi-year agreement to leverage OG.com's CFTC-regulated infrastructure for event contracts. Under the deal, Robinhood will route retail event contracts through OG.com's Commodity Futures Trading Commission-regulated derivatives exchange and clearinghouse, with the rollout launching Tuesday for eligible US customers. The stakes were priced at valuations set by an earlier Citadel Securities investment, though neither party disclosed the size or dollar value of Robinhood's holdings.

The agreement comes less than two months after reports surfaced that Robinhood was in talks with Crypto.com to expand its prediction markets business, and follows OG.com's spin-off from Crypto.com at a $5 billion valuation. OG.com will now operate independently from the crypto exchange, with Crypto.com CEO Kris Marszalek stating the platform plans to expand beyond prediction markets into futures and perpetual contracts. The move builds on Robinhood's existing prediction markets infrastructure, which launched in March 2025 in partnership with CFTC-regulated exchange Kalshi.

Robinhood's prediction markets business has grown rapidly. Event contracts generated $156 million in revenue in the second quarter, up more than tenfold from a year earlier, surpassing both the platform's $129 million in equities transaction revenue and $100 million from crypto. Bernstein analysts estimated in July that Robinhood's total revenue, including prediction markets, could reach $1.7 billion by 2028.

However, the sector faces mounting legal headwinds. In April, a Nevada judge extended a ban preventing Kalshi from offering event contracts in the state without a gaming license, ruling that the products were effectively indistinguishable from traditional betting. The legal battle escalated further last week when New Jersey petitioned the US Supreme Court to weigh in on whether states have authority to regulate sports contracts offered on CFTC-regulated prediction markets.