Robinhood is reportedly in active discussions with crypto exchange Crypto.com to add yes-or-no event contracts to its prediction markets platform, according to a Wall Street Journal report citing people familiar with the matter.
What Is Being Discussed
The two companies are negotiating an arrangement in which Crypto.com would supply event contracts for Robinhood to distribute to its users. The talks represent a potential expansion of Robinhood’s prediction markets hub, which the trading app launched in March 2025.
When Robinhood first introduced the feature, it relied on Kalshi to handle the contracts, a structure designed to meet regulatory requirements set by the US Commodity Futures Trading Commission. The platform has since added ForecastEx and Rotella as additional facilitators.
Analyst Optimism Behind the Move
The reported negotiations follow a recent upgrade from Bernstein analysts, who raised their price target on Robinhood stock, ticker HOOD, to $160 from $130 per share. The analysts cited the company’s outlook for both prediction markets and tokenized equities as the basis for the revision.
Bernstein projected that Robinhood’s revenue from prediction markets alone could reach $1.7 billion by 2028. The firm also forecast in April that total prediction market volumes across the industry could hit $1 trillion by 2030.
Regulatory Headwinds Persist
Despite the bullish revenue projections, prediction market operators in the United States continue to navigate a contested legal landscape. The CFTC has asserted that it holds ‘exclusive jurisdiction’ over event contracts offered by these platforms.
At the same time, gaming regulators in many states have filed their own lawsuits seeking to block or restrict these platforms’ activities, leaving operators caught between competing federal and state claims over how event contracts should be governed.
