Robinhood is reported to have agreed to take minority stakes in Crypto.com and its OG.com prediction-market unit, and to add OG.com’s event contracts to its own app.
- The move follows Citadel Securities’ $400 million investment in Crypto.com in July, which valued the exchange at $20 billion.
- Robinhood and Crypto.com are already co-defendants in state lawsuits calling their event contracts illegal gambling, while both lean on the same federal argument to fend those suits off.
Robinhood is said to have agreed to take minority equity stakes in Crypto.com and its prediction-market unit, OG.com, and to bring OG.com’s event contracts onto its own trading app. Neither company has confirmed the deal publicly, and no report has disclosed how large the stakes are.
The timing points past a simple product tie-up. Robinhood and Crypto.com are already named side by side as defendants in state lawsuits attacking event contracts as unlicensed gambling, and both companies are leaning on the same defense: that the contracts are federally regulated derivatives, not state-law wagers, and that state gambling law doesn’t reach them.
Taking a stake in Crypto.com’s prediction-markets business ties Robinhood’s own upside to the outcome of that fight, not just to how many contracts get traded.
The regulatory fight behind the deal
In April, the Commodity Futures Trading Commission sued Wisconsin after the state brought civil claims against five CFTC-regulated platforms, including Robinhood and Crypto.com, along with Kalshi, Polymarket and Coinbase.
“States cannot circumvent the clear directive of Congress,” CFTC Chairman Michael Selig said of the suit.
Connecticut had already ordered Robinhood, Kalshi and Crypto.com to stop offering event contracts in December, arguing the products amount to unlicensed sports betting. Both Robinhood and Crypto.com have argued their contracts fall under exclusive CFTC oversight instead.
The business Robinhood is buying into
Crypto.com’s OG.com platform launched in February and has moved quickly since. It has signed on Trading Technologies for order access, added AI-outcome contracts in August, and struck a September 1 agreement with Prospect Markets to build a separate sports-focused U.S. platform. Its capital position firmed up in July, when Citadel Securities put in $400 million at a $20 billion valuation, Crypto.com’s first outside institutional funding in its history.
Robinhood brings scale of its own. Its prediction markets have traded more than 9 billion contracts since launch, running mostly through Rothera, the exchange it built with market maker Susquehanna International Group after buying a 90% stake in a derivatives exchange late last year. Robinhood has also supplied contracts through Kalshi since 2025, even as Kalshi’s chief executive has called Robinhood a competitor.
What isn’t yet known is how big a stake Robinhood is taking, or what it gets for it beyond the contracts themselves. What both companies have already made clear, in courtrooms in Wisconsin and Connecticut, is that they’re betting on the same regulatory outcome. A deal that makes them part owners of each other’s prediction-markets business makes that bet a shared one.
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