Robinhood Stock Hits All-Time High as Company Ups Ante on Prediction Markets

Robinhood stock hit a new high Tuesday following a report that the trading platform is looking at expanding its prediction market product outside of the U.S.

The company’s stock was recently trading for close to $140 a share after hitting a high earlier Tuesday morning New York time above $142. Nasdaq-listed HOOD is up 275% year-to-date, according to Yahoo Finance data.

HOOD previously boomed on Monday after Robinhood co-founder and CEO Vlad Tenev said on X that customers had traded over 4 billion event contracts on the company’s prediction markets platform. 

Bloomberg then on Tuesday then reported Robinhood’s plans to expand the prediction markets outside of the U.S. The report noted that the platform was in particular speaking to the UK’s Financial Conduct Authority about expanding to the European market. 

Decrypt reached out to Robinhood, but did not immediately receive a response. 

Menlo Park, California-based Robinhood is a trading platform that allows its users to buy and sell stocks, commodities, and cryptocurrencies. 

The company first debuted event contracts last October for U.S. customers ahead of the presidential election. Event contracts allow people to bet on things like sporting events or political outcomes.

Robinhood then teamed up with licensed prediction market operator Kalshi to offer contracts for March Madness basketball tournament games in March.