Robinhood has agreed to acquire minority stakes in Crypto.com and its prediction-market business, OG.com, according to a September 8 report from The Wall Street Journal. Under the multiyear agreement, Robinhood will add event contracts backed by OG.com to its app, and Crypto.com confirmed to the newspaper that OG.com has been separated into a standalone company.

The deal lands amid a broader push by retail trading platforms into event contracts. Kalshi has raised funding at multibillion-dollar valuations and expanded beyond politics into sports, Coinbase has added prediction markets to its app, and Crypto.com itself entered the space earlier this year—competition that helps explain why established brokerages are moving to secure their own supply of contracts rather than relying solely on third-party venues.

Neither company disclosed Robinhood's ownership percentages, investment amounts, or governance rights. A minority position gives Robinhood an economic interest in the businesses without necessarily granting operational control. As of publication on September 8, no separate announcement had been issued by either company, and Robinhood had not filed the investment terms with the US Securities and Exchange Commission. The WSJ report, which includes comments from executives involved in the agreement, remains the main public source.

Event contracts out-earned crypto in Q2

Robinhood earned more from event contracts than from cryptocurrency transactions during the second quarter. Event contracts supplied $156 million of Robinhood's $776 million in transaction-based revenue—roughly one-fifth of the total—and the company reported a record 13.6 billion event contracts traded during the quarter. The result marks a rapid rise for a product line Robinhood launched only in 2025, and it shows why the brokerage is willing to invest capital in the businesses behind the contracts.

That contract count measures activity rather than revenue or total trading value. Robinhood defines it as the number of contracts bought or sold through its Prediction Markets Hub, with each contract worth $1 at settlement. A distribution agreement already allows Robinhood to earn fees from customer activity; the minority stakes add a separate source of exposure to the value of Crypto.com and OG.com, although the undisclosed terms prevent that exposure from being measured.

OG.com is the platform; CDNA runs the market

OG.com is the consumer-facing platform and brand. When Crypto.com launched OG in February, the service offered contracts covering sports, financial data, politics, entertainment, and other real-world outcomes. The regulated market behind those contracts is Crypto.com Derivatives North America (CDNA), which is registered with the Commodity Futures Trading Commission as a designated contract market and derivatives clearing organization. Robinhood currently distributes event contracts through Robinhood Derivatives, a registered futures commission merchant. The companies have not disclosed whether the new OG.com-backed contracts will use exactly the same operating structure as Robinhood's existing products.

Most event contracts present two possible outcomes, usually "yes" and "no." A "yes" position bought for $0.70 pays $1 if the specified outcome occurs—a 30-cent profit before fees—and settles at zero if it does not. According to the CFTC, these contracts have a fixed payout and an expiration linked to a date or the conclusion of an event. Robinhood says customers can also sell eligible positions before the event ends, with prices moving as market expectations change.

Federal oversight does not end state disputes

CDNA operates within the federal derivatives framework, allowing its products to be offered as regulated event contracts rather than conventional sportsbook wagers. That federal status has not prevented challenges from state gaming regulators: Connecticut previously ordered Robinhood, Crypto.com, and Kalshi to stop offering certain sports contracts, arguing the products fell under state wagering laws. Similar state-level conflicts have emerged across the industry as prediction-market operators expand into sports outcomes. The dispute affects what customers can access—a contract available through Robinhood in one state may be unavailable in another, even when the listing exchange operates under CFTC oversight.

Another venue in Robinhood's network

Robinhood's existing disclosures name KalshiEX, ForecastEx, and Rothera as exchanges through which Robinhood Derivatives offers event contracts. The OG.com agreement appears to add contracts backed by CDNA to that network. Rothera is connected to Robinhood through a joint venture with Susquehanna International Group; the exchange and clearinghouse was created through the acquisition of the CFTC-licensed MIAXdx business, and Robinhood began routing selected contracts to Rothera in June. Robinhood has not announced changes to its relationships with KalshiEX, ForecastEx, or Rothera, so OG.com appears to expand the venue network rather than replace an existing provider.

Ownership makes routing disclosures more important

Robinhood will hold financial interests connected to more than one business behind the contracts distributed through its app: it already participates in the Rothera joint venture and now plans to own stakes in Crypto.com and OG.com. Customers need clear disclosure of where each contract is listed, how orders are routed, and which exchange fees apply. Robinhood charges its own commission, while the exchange supporting a contract may impose an additional fee. Contract rules also matter—two markets can ask what appears to be the same question while using different deadlines, data sources, or settlement conditions, making them not automatically interchangeable even when their wording and prices look similar.

Crypto.com's reported valuation needs clarification

Crypto.com announced in July that Citadel Securities had invested $400 million at a $20 billion company valuation. The WSJ report instead places Crypto.com's valuation at $15 billion and OG.com's at $5 billion. The available public information does not explain the difference between Crypto.com's official figure and the valuation reported by the newspaper, and the figures cannot be reconciled without further disclosure. Robinhood's investment amount and ownership percentages are also needed before the cost or value of its stakes can be calculated.

What changes for Robinhood customers

The clearest customer-facing change is access to a broader range of event contracts. JB Mackenzie, Robinhood's vice president and general manager of futures and prediction markets, told the WSJ that the agreement would help the brokerage provide more variety and better pricing. Several practical details have not been published: when OG.com-backed contracts will become available, which contract categories will appear first, which states will allow access, what exchange fees customers will pay, how Robinhood will select and display venues, and whether similar contracts will appear side by side.

The companies have also discussed equity-linked perpetual futures, according to the WSJ. Those discussions are not a product announcement; any launch would require regulatory approval, and no timetable or contract terms have been disclosed.

The next material disclosures to watch are the size of Robinhood's stakes, the launch date for OG.com-backed contracts, the venue-routing rules, and the fees customers will pay.