Robinhood CEO Vlad Tenev said crypto contracts could eventually become a larger part of the company’s prediction-markets business than sports contracts, as the platform expands its event-contract offerings and crypto activity picks up.

Speaking with Jim Cramer on Mad Money, Tenev said crypto contracts already represent a disproportionate share of Robinhood’s prediction-markets business. Within a few years, he said, “sports will actually be in the minority.” Tenev described sports as a wedge for attracting liquidity and users, while arguing that prediction markets are expanding well beyond sports.

Robinhood’s event-contract revenue rose more than tenfold year over year to $156 million in the second quarter, making it the company’s fastest-growing business line. Contracts were traded 4.7 billion times in August, roughly 15 times the volume recorded a year earlier. Over the same period, Robinhood’s crypto-trading revenue declined.

The company’s prediction-markets business currently relies on three relationships. Robinhood initially launched on top of Kalshi, then added Rothera, its CFTC-licensed joint venture with Susquehanna. This month, Robinhood also took minority stakes in Crypto.com and its prediction-market spinoff, OG.com, giving it a third partner for clearing and settling trades. The arrangement means Robinhood is building its event-contract business across more than one trading and settlement relationship. Decrypt previously reported on Tenev’s comments.

Sports contracts remain the legally contested part of the business. The Ninth Circuit ruled last month that Nevada could regulate Kalshi’s sports contracts, creating a split with the Third Circuit. New Jersey has asked the Supreme Court to resolve the dispute. States have argued that sports contracts are gambling under another name, while crypto contracts do not face the same legal challenge. A shift toward crypto contracts could therefore place Robinhood’s fastest-growing business on firmer legal ground.

Tenev pointed to the Clarity Act as an example of the kinds of events users could trade. He said users with a view on the bill could take a position because Robinhood offers a market on it. The bill failed to achieve cloture last week, and prediction markets reflected that outcome before the Senate vote, with Polymarket odds falling from 35% to 11% ahead of the vote.

The newsletter’s analysis also linked the broader opportunity to renewed activity in crypto markets. After a bear market characterized by a prolonged decline, the summer brought little volatility, limiting the number of events that traders could bet on. In an early bull market, users can make predictions about Bitcoin’s year-end price, estimate how quickly altcoins might reach all-time highs, or take directional positions on price action around an election. The analysis said renewed excitement in crypto could lead to more market activity across multiple formats.

Macro crypto and markets

Major cryptocurrencies were trading higher, with gains of 1% to 2%. Bitcoin rose 2% to $86,000, Ether gained 1% to $2,740, Solana advanced 1% to $117, and HYPE was unchanged at $95. ZEC fell 1% to $1,530. Among the leading altcoin movers, PEPE rose 18%, TAO gained 12%, NEAR advanced 11%, and PUMP increased 4%.

Oil fell 3% to $93, while gold declined 1% to $4,350. U.S. stock futures were mostly flat after a positive Monday session, with the Dow Jones Industrial Average futures up 0.3% and Nasdaq futures up 0.03%.

Bitcoin reached an eight-month high near $86,000 after roughly $750 million in short positions were liquidated above $82,000. About $2 billion in new leverage has been added since the breakout, while analysts are watching whether Bitcoin can reach $90,000. CoinDesk reported on the move and rising leverage.

The first tokenized-stock venues could file notices as soon as the next quarter, SEC Crypto Task Force chief counsel Taylor Lindman told Crypto in America. Several firms have already asked about the new exemption. The report is available from Crypto in America.

X shared a promotional video for its Cashtag program, which will allow users to trade crypto tokens and stocks directly from the home page through a centralized-exchange connection. The video was posted on X.

X also sued two men from the United Kingdom in London’s High Court, alleging that a six-account Bitcoin bot network extracted at least £207,384, or about $278,000, from the company’s now-closed creator-payout program.

Crypto-focused political organization Fairshake plans to spend $30 million against Sherrod Brown in Ohio’s Senate race, days after the Clarity Act failed. Fairshake spent roughly $40 million to help unseat Brown in 2024.

Attackers are actively exploiting the DarkSword iOS chain to steal seed phrases and private keys through malicious Safari pages. SlowMist and Ledger Chief Technology Officer Charles Guillemet urged users to update immediately to iOS 26.3 or later. SlowMist published its threat-intelligence report.

Coinbase opened initial public offering allocations to U.S. retail customers beginning with Oura’s Nasdaq debut this week. The offering consists of 50 million shares priced between $40 and $44. Customers who sell shares within 30 days will be barred from participating in offerings during the following 60 days.

Apple and Google posted job listings seeking expertise in stablecoins and tokenized deposits. The roles include an Apple Pay strategy lead in the United States and a Google Cloud Web3 architect in Hong Kong. Neither listing confirms that either company is preparing a related product.

Corporate treasuries and ETFs

Bitcoin exchange-traded funds recorded $433 million in net inflows on Friday. Ether ETFs attracted $143 million, while Solana ETFs received $48 million. ETF data is tracked by CoinGlass.

Strategy bought 950 BTC for $75.7 million at an average price of $79,670, bringing its holdings to 846,000 BTC. The company also spent another $174 million repurchasing STRC. Decrypt reported on Strategy’s purchase.

Bitmine added 27,562 ETH, increasing its holdings to 5.98 million ETH, or more than 4.9% of the total supply. Tom Lee said a crypto bull market is underway. Decrypt covered Bitmine’s accumulation.

Meme coin tracker

Leading meme coins gained between 5% and 18%. DOGE rose 5%, SHIB gained 4%, PEPE climbed 18%, PENGU advanced 9%, TRUMP fell 1%, and SPX rose 2%.

Robinhood chain leaders were mostly lower. Pons rose 2% to $434 million, AI fell 14% to $240 million, and Cashcat declined 8% to $167 million. Age rose 420 times, Delta gained 95%, Musebook climbed 200%, and Index increased 25% among the leading movers.

Solana’s top movers included Antfun, up 43%; SI, up 22 times; and x7, up 20%. Ansem gained 2% to $173 million. The Solana data was shared by SolanaFloor.

Token, airdrop and protocol tracker

Circle minted $1.5 billion in USDC on Solana on Monday.

Hyperliquid led onchain protocols with $3.66 million in revenue on Monday, followed by Pump at $1.96 million, Stonk at $1.37 million, Collector Crypt at $829,000, and Pons at $540,000. Protocol revenue data is tracked by DefiLlama.

Trueo is moving its prediction market from Base to Ethereum mainnet. Vitalik Buterin called it a strong new entrant focused on decentralization and ethical design, after which the TRUE token rose tenfold. The Block reported on the migration.

NFTs

NFT leaders moved higher, led by CryptoPunks. Punks rose 8% to 32 ETH, Bored Ape Yacht Club gained 3% to 6.66 ETH, and Pudgy Penguins advanced 4% to 3.4 ETH. Stonk Cats rose 94% and Mutant Ape Yacht Club gained 15% among the top movers.

CryptoPunks recorded 28 sales over the previous day as the collection’s floor price rose to 32 ETH. Sales data is available through CryptoPunks.