Robinhood (HOOD) shares jumped over 8% after the firm agreed to acquire a 90% stake in the operator of LedgerX, signaling a major push into the prediction markets sector.

Grayscale filed to list the first U.S. Zcash ETF, betting on privacy coin demand as ZEC rallies over 1,000% year-to-date.

South Korean exchange Upbit suspended withdrawals after detecting a $37 million abnormal transfer involving Solana network tokens.

Nasdaq ISE has filed a proposal with the SEC to expand the trading capacity of options tied to BlackRock’s iShares Bitcoin Trust (IBIT).

Top stories in the Crypto Roundup today:

• Robinhood Targets Prediction Markets with LedgerX Deal
• Grayscale Files for First Zcash ETF Amid 1,000% Rally
• Upbit Suspends Withdrawals After $37M Solana Token Hack
• Nasdaq Files to Raise IBIT Option Limits to 1 Million Contracts

Robinhood Targets Prediction Markets with LedgerX Deal

Robinhood (HOOD), in conjunction with Jeff Yass' Susquehanna International Group (SIG), has agreed to buy 90% of MIAX Derivatives Exchange, the operator of CFTC-regulated LedgerX, in a bid to boost its presence in the prediction markets sector.

HOOD shares rose 8.3% following the news. The deal allows Robinhood to leverage its scale to capture a larger share of the prediction-markets fee pool, a sector where it already drives significant volume for competitors like Kalshi.

Wall Street broker Bernstein noted that the move raises the stakes for competitors like Polymarket and Kalshi, as Robinhood’s 14 million active traders provide an unmatched demographic fit. Bernstein analysts also expect Coinbase (COIN) to unveil its own prediction-market product at an event on Dec. 17.

Grayscale Files for First Zcash ETF Amid 1,000% Rally

Grayscale filed an S-3 registration statement with the SEC on Wednesday to convert its existing Zcash Trust into a spot ETF, moving to list the first U.S. fund tracking the privacy-focused asset.

The filing comes as Zcash (ZEC) has surged more than 1,000% in 2025, outperforming both bitcoin and ether. Zcash has surpassed Monero in market capitalization to become the largest privacy cryptocurrency.

In 2025, shielded transactions - Zcash’s version of encrypted transactions - have spiked. Roughly 30% of ZEC transactions now involve the shielded pool, and between 20% and 25% of the total supply is held in encrypted addresses. 

If approved, the ETF would mark a milestone for privacy coins, signaling that investors are seeking exposure to digital privacy infrastructure. Grayscale is betting that the asset has evolved into functional digital cash worthy of a spot investment vehicle.

Upbit Suspends Withdrawals After $37M Solana Token Hack

South Korea's leading cryptocurrency exchange, Upbit, announced an urgent suspension of digital asset deposits and withdrawals early Thursday following the detection of irregular activity involving Solana network tokens.

Dunamu, the operator of Upbit, reported that approximately 54 billion won ($37 million) worth of tokens - including BONK, JUP, and others - were transferred to unauthorized wallets. CEO Oh Kyung-seok confirmed the abnormal behavior and assured users that the exchange will cover all losses.

The exchange has transferred assets to cold wallets and is working with law enforcement to freeze stolen funds, having already successfully frozen roughly 12 billion won related to the Solayer token.

Nasdaq Files to Raise IBIT Option Limits to 1 Million Contracts

Nasdaq ISE has filed a proposal with the SEC to expand the trading capacity of options tied to BlackRock’s iShares Bitcoin Trust (IBIT), requesting that position limits be raised from 250,000 contracts to one million contracts.

The move would place IBIT options in the same liquidity tier as major global equity benchmarks like the iShares MSCI Emerging Markets ETF. ISE argued that the current ceiling restricts market makers and institutional desks, citing IBIT's rapid growth as it surpassed Deribit to become the largest venue for bitcoin options open interest.

The exchange noted that a one million contract position would equal only 0.284% of all bitcoin in existence, posing minimal risk of market disruption while satisfying rising institutional demand for hedging strategies.

State of the Crypto by Top Tier Exchange Volume

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