Robinhood Markets, Inc.: Rothera Check-In

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Robinhood Markets, Inc.: Rothera Check-In

Equity Research

U.S. Brokers, Asset Managers & Exchanges

2 July 2026

Robinhood Markets, Inc.

Rothera Check-In

We track Rothera volumes to gauge progress. Contracts

offered are still limited to a handful of events (with volumes

dominated by World Cup contracts), which we expect to HOOD OVERWEIGHT U.S. Brokers, Asset

Managers & Exchangesexpand over time. Trailing 7-day ADV has been 117M/day, POSITIVE

Price Target USD 82.00

representing a meaningful portion of overall HOOD platform Price (01-Jul-26) USD 108.65

volumes. Potential Upside/Downside -24.5%

Source: Bloomberg, Barclays Research

Overview: With Robinhood's Rothera now live, we track volumes to gauge progress. To

U.S. Brokers, Asset Managers &date, contracts have been limited to MLB, World Cup, PCE, tennis, NFL, NCAA, and jobless

Exchanges

claims, though we expect the company will roll out a broader set of contracts over the coming

Benjamin Budish, CFA

months. Since the beginning of June, Rothera volumes (which currently are only offered to +1 212 526 2418

Robinhood brokerage customers) have averaged ~63M daily contracts (Figure 1). Notably, ADV benjamin.budish@barclays.com

for the trailing 7 days is now ~117M, down slightly from last week's 127M, and quite BCI, US

meaningfully compared to Robinhood total platform volumes (~130M total ADV in May). Rothera

Chris O'Brien

has listed contracts for 2 economic metrics (weekly jobless claims and core PCE); MLB and +1 212 526 9284

World Cup contracts; and this week, added NFL, NCAA, and tennis contracts. Nearly all of the chris.obrien@barclays.com

total reported volumes so far have been sports contracts (Figure 2), with World Cup contracts BCI, US

becoming a more meaningful portion of total volumes over the past week (Figure 3).