Analysts Wonder if Robinhood's Exchange Deal Could Circumvent Kalshi -- Market Talk

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1302 ET - Robinhood's latest prediction markets deal could have negative implications for Kalshi, but it's still unclear, Cantor analysts Brett Knoblauch and Gareth Gacetta say. Robinhood's prediction markets platform has been powered by Kalshi, meaning Robinhood is effectively a distribution channel for Kalshi's regulated exchange. On Tuesday, Robinhood announced a joint venture with Susquehanna to offer a derivatives and futures exchange, which analysts say makes it unclear whether Kalshi will remain as a partner. It's possible the new deal will circumvent Kalshi and ultimately offer a competing product that can be used by both retail traders and institutions, the analysts say. (katherine.hamilton@wsj.com)

(END) Dow Jones Newswires

November 26, 2025 13:02 ET (18:02 GMT)

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Robinhood's prediction markets platform has been powered by Kalshi, meaning Robinhood is effectively a distribution channel for Kalshi's regulated exchange. On Tuesday, Robinhood announced a joint venture with Susquehanna to offer a derivatives and futures exchange, which analysts say makes it unclear whether Kalshi will remain as a partner. It's possible the new deal will circumvent Kalshi and ultimately offer a competing product that can be used by both retail traders and institutions, the analysts say. (katherine.hamilton@wsj.com) \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 26, 2025 13:02 ET (18:02 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Analysts Wonder if Robinhood's Exchange Deal Could Circumvent Kalshi -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAnalysts Wonder if Robinhood's Exchange Deal Could Circumvent Kalshi -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-11-27 02:02</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     1302 ET - <a href=\"https://laohu8.com/S/HOOD\">Robinhood</a>'s latest prediction markets deal could have negative implications for Kalshi, but it's still unclear, Cantor analysts Brett Knoblauch and Gareth Gacetta say. Robinhood's prediction markets platform has been powered by Kalshi, meaning Robinhood is effectively a distribution channel for Kalshi's regulated exchange. On Tuesday, Robinhood announced a joint venture with Susquehanna to offer a derivatives and futures exchange, which analysts say makes it unclear whether Kalshi will remain as a partner. It's possible the new deal will circumvent Kalshi and ultimately offer a competing product that can be used by both retail traders and institutions, the analysts say. (katherine.hamilton@wsj.com) \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 26, 2025 13:02 ET (18:02 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"HOOD","symbol_name":"Robinhood","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2586264540","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2586264540","pubTimestamp":1764180120,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"1302 ET - Robinhood's latest prediction markets deal could have negative implications for Kalshi, but it's still unclear, Cantor analysts Brett Knoblauch and Gareth Gacetta say. 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","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"HOOD":"Robinhood","BK4539":"次新股","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK4547":"WSB热门概念","BK4127":"投资银行业与经纪业"},"translate_title":"分析师想知道Robinhood的交换交易是否可以绕过Kalshi——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HOOD":1.5},"content_text":"1302 ET - Robinhood's latest prediction markets deal could have negative implications for Kalshi, but it's still unclear, Cantor analysts Brett Knoblauch and Gareth Gacetta say. Robinhood's prediction markets platform has been powered by Kalshi, meaning Robinhood is effectively a distribution channel for Kalshi's regulated exchange. On Tuesday, Robinhood announced a joint venture with Susquehanna to offer a derivatives and futures exchange, which analysts say makes it unclear whether Kalshi will remain as a partner. It's possible the new deal will circumvent Kalshi and ultimately offer a competing product that can be used by both retail traders and institutions, the analysts say. (katherine.hamilton@wsj.com) \n\n\n  (END) Dow Jones Newswires\n\n\n  November 26, 2025 13:02 ET (18:02 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}