| THE BRIEFING |
| GM. This is The Crossover. |
| The brokerage app your friends use is buying stakes in the exchanges it sends its orders to, and an analyst has just repriced the stock on the blockchain it switched on in July. |
Robinhood is buying the exchanges it uses

Robinhood struck a multiyear deal on Tuesday with Crypto.com and with OG.com, the prediction platform Crypto.com spun out earlier this year.
It will start sending event contracts through OG's exchange and clearing house, which the US derivatives regulator oversees. And it is taking a minority stake in both companies. Citadel Securities valued OG at $5 billion when it invested in July.
An event contract is a bet on whether a thing happens, from an election result to a jobs number. Robinhood says they are its fastest growing product line by revenue, and its users had traded more than 16 billion of them in 2026 by early June.
Robinhood now sends the order to OG and owns a slice of the company that fills it. That is a different business from selling people stocks.
The same shift is running a layer underneath. Robinhood Chain went live in early July, an in-house blockchain built to trade tokenized versions of real shares. Two months on it holds $900.4 million of deposits, moves $10.4 billion of trading a week and brings in $28.5 million of weekly revenue, by DefiLlama's count.
A stock-trading app built that in ten weeks. Mark Palmer at StoneX put a Buy on the shares with a $170 target, about 45% above where they trade, and named the chain and the prediction markets as his reasons.
Kalshi is a rival venue selling the same kind of contract, and a federal appeals court has already ruled that the sports contracts Kalshi sells are sports betting rather than financial instruments. That fight is not finished.
If the ruling stands, every venue in this deal faces a state-by-state licensing problem, and Robinhood has just bought part of two of them.
Visa put on-chain lenders behind its cards
Visa is now working with Credit Coop, an on-chain lender, to cover what stablecoin card issuers owe it each day. A company issuing one of those cards has to pay Visa before its own customers have paid it, and that gap gets covered with idle cash or expensive borrowing.
The lender hands those issuers stablecoin credit lines. Visa supplies the settlement data, and the contracts release the money and take it back as customer payments arrive.
Credit Coop has financed more than $2.5 billion this way since 2023, across 3,000 borrows and 9,000 repayments, with no defaults. More lenders have joined since. Borrowing costs on some programs have fallen by as much as 30%.
Visa now runs more than 160 stablecoin-linked card programs and settles over $20 billion a year through them, up fifteenfold. The biggest number on stablecoin payments now comes from the card network, not from crypto.
Strategy skipped bitcoin and bought its own shares
Strategy is the software company that holds more bitcoin than any other. It told the SEC last week that it bought no bitcoin and sold no stock.
It spent $176.3 million buying back its own preferred shares instead, the STRC stock it sells to income investors, and doubled that buyback program from $1 billion to $2 billion. It still holds 845,050 bitcoin and $6.5 billion in dollars.
For four years the story was a company that turned every dollar it raised into bitcoin. Last week it turned its dollars into its own paper. Either it thinks its own shares are cheaper than bitcoin, or it has run out of cheap ways to raise money.
Strive, another company that holds bitcoin on its balance sheet, bought 1,375 over the same stretch. Companies have not stopped buying. Strategy just sat out a week.
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Robinhood Chain did not exist ten weeks ago and now moves $10.4 billion a week.
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| This is The Crossover. We do the digging and tell you what we make of it; the buying and the selling stays with you. We are reasonable at explaining what already happened, and no better than you at the rest. |
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