Robinhood takes stakes in Crypto.com, OG.com for prediction markets

Robinhood will acquire equity stakes in Crypto.com and OG.com as it expands its prediction-markets business beyond its traditional brokerage and crypto operations. The stakes will be valued using Crypto.com’s recent $20 billion valuation, according to The Block’s report on the deal.

The commercial arrangement starts with football contracts. Robinhood will route retail event contracts through OG.com’s Commodity Futures Trading Commission-regulated derivatives exchange and clearinghouse, while OG.com becomes an infrastructure and clearing provider for Robinhood’s Prediction Markets platform, according to Decrypt’s account. The rollout begins in phases for eligible U.S. customers on September 8, the day the partnership was announced.

The timing is tied to the 2026 NFL season, which kicks off Wednesday night. For Robinhood, the sports launch arrives after event contracts became its largest of the three revenue lines cited in the supplied reporting: $156 million in second-quarter event-contract revenue, compared with $129 million from equities transaction revenue and $100 million from crypto.

That puts prediction markets $27 million above equities transaction revenue in Q2. On the supplied figures, the gap equals 20.9% of equities transaction revenue: ($156 million – $129 million) ÷ $129 million × 100. The fact sheet’s separate derivation gives the comparable rounded figure as 20.5%, but using the stated inputs produces 20.9%; either way, event contracts exceeded equities transaction revenue in the quarter.

Robinhood’s event-contract revenue also rose more than tenfold year over year to $156 million, while its crypto trading revenue fell 38%. The company traded 13.6 billion event contracts in Q2. The shift matters for positions because Robinhood is assigning equity value to the companies that supply the venue and infrastructure behind the product that is currently out-earning its crypto business.

The ownership link

The exact size of Robinhood’s equity holdings in Crypto.com and OG.com, along with the specific terms of the multi-year deal, were not provided in the supplied facts. What is disclosed is the valuation reference point: Crypto.com’s recent $20 billion valuation. That valuation came after Citadel Securities’ July investment in Crypto.com Group, which was the company’s first institutional funding round.

OG.com has a separate stated valuation. Its standalone spin-off is valued at $5 billion, according to Decrypt. The fact sheet does not say whether Robinhood’s stake in OG.com is priced directly at that valuation or how the two equity transactions are allocated.

The structure gives Robinhood exposure to more than contract fees. It will hold stakes in both the crypto company and the venue handling exchange and clearing functions for the contracts. That is a deeper tie to prediction-market infrastructure than a simple distribution agreement, and the desk’s read is that it marks a strategic move away from relying mainly on brokerage and crypto trading activity.

Robinhood’s JB Mackenzie, its VP and GM of Futures and Prediction Markets, said routing contracts across venues “helps create a stronger, more diverse and resilient marketplace.” Mackenzie also said, “With football back and midterms fast approaching, we’re thrilled to team up with Crypto.com and OG.com for what is sure to be an exciting fall for prediction markets on Robinhood.”

Crypto.com founder and CEO Kris Marszalek described the arrangement as “a game changer for https://t.co/iXoLbdBMxc and https://t.co/JNeHyErmqH — watch this space.” Marszalek also called OG.com “the most liquid venue globally for innovative derivative instruments.” Those are the companies’ own descriptions of the transaction and venue; the disclosed figures are the $20 billion Crypto.com valuation and $5 billion OG.com valuation.

The market response was immediate but limited in size. HOOD shares climbed roughly 3.4% in premarket trading to around $126 after the news. Crypto.com’s CRO token jumped toward a weekly high near $0.063, while another supplied report put CRO’s move at more than 6% to about $0.06, with a daily high of $0.065. Those moves provide price context, not proof that the partnership changes either asset’s underlying value.

The regulatory exposure

OG.com’s CFTC regulation gives Robinhood a regulated exchange and clearing route for the initial contracts. It does not remove the state-level dispute over whether sports event contracts are derivatives or gambling products.

In April, a Nevada judge extended a ban preventing Kalshi from offering event contracts in the state without a gaming license. New Jersey Attorney General Jennifer Davenport later petitioned the U.S. Supreme Court to decide whether states can regulate sports contracts offered on CFTC-regulated prediction markets. Davenport said companies such as Kalshi “claim to offer legal sports betting nationwide while refusing to comply with state gambling laws.”

That dispute is now relevant to Robinhood users and to the equity holders of Crypto.com and OG.com. If state authorities prevail in restricting sports contracts, the new football offering could face limits even though OG.com is CFTC-regulated. The supplied facts do not establish how those cases will affect Robinhood’s rollout, but they identify a direct regulatory risk to the product beginning with eligible U.S. customers on September 8.

Robinhood launched its prediction-markets hub with Kalshi in March 2025. It later shifted volume to Rothera, according to the background supplied for this article. The Crypto.com and OG.com deal therefore adds both ownership and venue exposure after Robinhood’s first prediction-markets partnership, while the company’s Q2 numbers show why the category now matters: $156 million in revenue from 13.6 billion contracts.