SectorWire
SearchGet the daily briefing
Menu

Cantor Fitzgerald names Coinbase and Robinhood prediction market beneficiaries

Deals & M&A

Cantor Fitzgerald analyst Ramsey El-Assal identified Coinbase and Robinhood as publicly traded companies positioned to benefit from prediction markets, according to a report. He said Robinhood describes prediction markets as its fastest-growing business and pointed to potential institutional uses including hedging and risk management.

The analyst’s assessment may inform investor views of Coinbase and Robinhood’s exposure to prediction markets.

Connections

Request a correction

Keep reading

Enforcement & compliance

Coinbase agrees to suspend Michigan prediction markets under MGCB deal

Reportedly, Coinbase agreed with the MGCB to suspend Michigan prediction market operations, with a 10 October deadline to stop new event contracts and close existing positions. Michigan agreed to withhold enforcement while Coinbase complies and related appeals proceed before the Sixth Circuit Court of Appeals.

Under an arrangement with the Michigan Gaming Control Board, Coinbase will halt its prediction market business in the state. New event contracts must cease and existing positions must be unwound by 10 October, the MGCB said. According to the board, no enforcement action will be pursued against the company so long as it stays compliant and appeals proceed at the US Court of Appeals for the Sixth Circuit.

Continue reading