Robinhood Takes Stakes in Crypto.com and OG.com
Robinhood is taking minority stakes in Crypto.com and OG.com after event contracts overtook cryptocurrency trading as a source of revenue for the brokerage in Q2 2026.
Key Takeaways
- Robinhood will hold two minority stakes.
- OG.com contracts will enter Robinhood’s app.
- Q2 prediction revenue exceeded crypto revenue.
- No venue replacement has been announced.
- Investment and routing terms remain undisclosed.
Robinhood is buying exposure, not control
Robinhood agreed to take 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. Crypto.com also told the newspaper that it had separated OG.com into a standalone company.
The companies did not disclose Robinhood’s ownership percentages, investment amounts or governance rights. A minority position gives Robinhood an economic interest in the businesses without necessarily giving it operational control.
As of publication on September 8, neither company had issued a separate announcement, 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 generated more Q2 revenue than crypto
Robinhood earned more from event contracts than cryptocurrency transactions during the second quarter.
Event contracts supplied $156 million of Robinhood’s $776 million in transaction-based revenue, or roughly one-fifth of the total. The company also reported a record 13.6 billion event contracts traded during the quarter.
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 when it settles.
A distribution agreement 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 investment terms prevent that exposure from being measured.
OG.com is the platform, while 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, or CDNA. The Crypto.com affiliate is registered with the Commodity Futures Trading Commission as a designated contract market and derivatives clearing organization.
Robinhood currently distributes event contracts to its customers 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.
How an event contract works
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, producing a 30-cent profit before fees. It settles at zero if the outcome does not occur.
The CFTC explains that 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 that the products fell under state wagering laws.
The dispute affects what customers can access. A contract available through Robinhood in one state may be unavailable in another, even when the exchange listing it operates under CFTC oversight.
OG.com adds another source of Robinhood contracts
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 also 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. OG.com therefore appears to expand its venue network rather than replace one of its existing providers.
Ownership makes routing disclosures more important
Robinhood will have 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 currently charges its own commission, while the exchange supporting a contract may impose an additional fee.
The contract rules also matter. Two markets can ask what appears to be the same question while using different deadlines, data sources or settlement conditions. They are therefore 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.
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
- 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 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.
This article is for informational purposes only and does not constitute financial advice.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
