Robinhood (HOOD) Stock Jumps 3% as Crypto.com Deal Expands Prediction Markets
TLDR
- Robinhood has agreed to add Crypto.comโs yes-or-no event contracts to its trading platform
- Robinhood will take minority stakes in both Crypto.com and its prediction-markets unit, OG
- Crypto.com and OG were valued at $15 billion and $5 billion respectively after Citadel Securities bought in during July
- HOOD stock was trading around 3.40% higher at roughly $126.40 in premarket trading
- The partnership also opens the door to equity-linked perpetual futures, pending regulatory approval
Robinhood Markets (HOOD) struck a multiyear deal with Crypto.com to bring the exchangeโs yes-or-no event contracts onto its trading platform. HOOD stock jumped around 3.40% to roughly $126.40 in premarket trading on the news.
Under the agreement, Robinhood will also take minority stakes in Crypto.com and its stand-alone prediction-markets unit, OG. Financial terms were not disclosed.
Crypto.com spun OG out as a separate company alongside this announcement. OG has grown about 20 times this year, according to Crypto.com CEO Kris Marszalek.
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