Key Takeaways
- • Robinhood acquired a minority stake in Crypto.com and secured rights to host prediction market contracts backed by Crypto.com's OG business on its platform, with discussions between the firms beginning in July following Citadel Securities' separate investments valuing Crypto.com at $15 billion and OG at $5 billion.
- • Robinhood secured its first IPO underwriting role as a co-underwriter for Oura Health's public offering, positioning the firm to expand beyond its core brokerage business following regulatory approval to underwrite deals in June; Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co., and Jefferies serve as lead bookrunners.
- • Goldman Sachs raised its price target on Robinhood stock, which rose on the announcement of both the Crypto.com partnership and Oura underwriting assignment, signaling investor optimism around the firm's diversification strategy.
- • Robinhood's prediction market capabilities now span multiple partners including Kalshi and Susquehanna International's Rothera derivatives exchange, demonstrating a strategic expansion into event contracts and derivatives offerings.
Summary
Robinhood Markets completed two significant business expansions on September 8, 2026, acquiring a minority stake in cryptocurrency exchange Crypto.com and securing its inaugural IPO underwriting assignment. The Crypto.com transaction includes rights to host prediction market contracts powered by Crypto.com's OG business directly within the Robinhood app, according to reports confirmed by The Wall Street Journal. While specific deal terms and investment amounts were undisclosed, the valuations reflect recent market assessments: Crypto.com at $15 billion and OG at $5 billion following Citadel Securities' investments in July.
The partnership between Robinhood and Crypto.com originated from discussions in July focused on expanding Robinhood's prediction market offerings. Crypto.com launched OG in February 2026 and operates prediction-markets contracts through its derivatives business since 2024. This collaboration represents the latest addition to Robinhood's event contracts ecosystem, which already includes partnerships with prediction market provider Kalshi and Susquehanna International's Rothera derivatives exchange, which launched in June 2026.
On the underwriting front, Robinhood has been designated as a co-underwriter for Oura Health's IPO, marking the company's first underwriting engagement since receiving regulatory approval in June 2026. Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co., and Jefferies hold lead bookrunner roles on the transaction. Oura specializes in smart health and wellness wearables. The assignment represents a milestone for Robinhood's strategic pivot beyond retail brokerage into institutional capital markets services.
Goldman Sachs elevated its price target on Robinhood stock on the news of these developments, reflecting institutional confidence in the firm's business diversification. HOOD stock rose on the announcements, extending gains from a breakout the previous week. Both initiatives underscore Robinhood's expansion strategy into higher-margin, institutional-facing businesses including derivatives and underwriting services.
The partnership between Robinhood and Crypto.com originated from discussions in July focused on expanding Robinhood's prediction market offerings. Crypto.com launched OG in February 2026 and operates prediction-markets contracts through its derivatives business since 2024. This collaboration represents the latest addition to Robinhood's event contracts ecosystem, which already includes partnerships with prediction market provider Kalshi and Susquehanna International's Rothera derivatives exchange, which launched in June 2026.
On the underwriting front, Robinhood has been designated as a co-underwriter for Oura Health's IPO, marking the company's first underwriting engagement since receiving regulatory approval in June 2026. Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co., and Jefferies hold lead bookrunner roles on the transaction. Oura specializes in smart health and wellness wearables. The assignment represents a milestone for Robinhood's strategic pivot beyond retail brokerage into institutional capital markets services.
Goldman Sachs elevated its price target on Robinhood stock on the news of these developments, reflecting institutional confidence in the firm's business diversification. HOOD stock rose on the announcements, extending gains from a breakout the previous week. Both initiatives underscore Robinhood's expansion strategy into higher-margin, institutional-facing businesses including derivatives and underwriting services.
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