The Daily: Robinhood takes aim at larger prediction-market share, Grayscale files to launch first-ever Zcash ETF, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Wednesday! Bitcoin is now a "strong relative buy," K33 says, arguing that its sharp underperformance versus equities has created a rare disconnect from fundamentals and pushed the sell-off close to saturation.

In today's newsletter, Robinhood deepens its foray into prediction markets, Grayscale files for a spot Zcash ETF, CleanSpark reports record revenue amid its AI shift, and more.

Meanwhile, turmoil inside the WLFI-focused treasury firm ALT5 Sigma reportedly includes investigations, firings, and a Rwandan money laundering conviction.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

Robinhood to launch new derivatives exchange for prediction markets push

Robinhood is launching a new futures and derivatives exchange through a joint venture with Susquehanna to accelerate its push into prediction markets.

• The plan involves acquiring MIAXdx, a CFTC-licensed designated contract market and clearinghouse, to anchor the exchange infrastructure.
• Parent company MIAX will retain a 10% equity stake in the new venture, while Susquehanna will act as the day-one liquidity provider to jump-start trading activity.
• The company aims to begin offering new futures, derivatives, and prediction-market products when the exchange goes live in 2026.
• Robinhood said demand for prediction markets is surging, with more than 9 billion contracts traded by over 1 million customers since the firm launched its existing offering in partnership with U.S.-regulated platform Kalshi earlier this year.
• Analysts at Bernstein said Robinhood is now positioned to capture a larger share of the prediction-markets revenue pool as it builds out its own CFTC-regulated exchange.

Grayscale files with the SEC to launch first-ever Zcash ETF

Grayscale moved to convert its Zcash closed-end trust into an exchange-traded fund on Wednesday, filing with the SEC to launch what could be the market's first-ever ZEC-focused ETF.

• The existing Grayscale Zcash Trust currently has over $196 million in assets under management as of Nov. 25.
• Grayscale highlighted Zcash's privacy features as a growing priority in crypto and argued that ZEC plays an essential role in a diversified digital asset portfolio.
• The filing extends Grayscale's recent wave of trust-to-ETF conversions, following new XRP, DOGE, and SOL products enabled by a more favorable regulatory environment under the Trump administration.

Bitcoin miner CleanSpark reports record revenue for FY 2025 amid broader AI shift

Bitcoin miner CleanSpark posted a record $766.3 million in fiscal year 2025 revenue and swung from a net loss to net income of $364.5 million as it leaned further into AI compute infrastructure.

• CEO Matt Schultz said 2025 was the year the company achieved operating leverage and is now positioning its power and data center portfolio to capture value from both bitcoin and AI workloads.
• CleanSpark recently accelerated its expansion plans with a $1.15 billion zero-coupon convertible notes raise and new leadership hires, while reviewing sites for potential "giga-campus" conversions to meet AI demand.
• The miner ended the fiscal year with $1.2 billion in bitcoin, $43 million in cash, and $950.1 million in mining assets as of Sept. 30, while long-term debt stood at $644.6 million, and total liabilities at $1 billion.

Coinbase Ventures eyes RWA perpetuals, AI in 2026 investment outlook

Coinbase Ventures laid out its 2026 investment playbook, focusing on perpetual futures for real-world assets, specialized trading platforms, DeFi innovations, AI and robotics.

• The firm said it sees synthetic perpetuals tied to offchain assets as a major opportunity as traders seek onchain exposure to macro themes, such as inflation, credit spreads, and volatility.
• Coinbase Ventures further flagged composable perps, unsecured onchain credit, privacy-preserving DeFi, and trading terminals for prediction markets as high-growth areas as the sector evolves.
• The team also spotlighted crypto's convergence with AI and robotics, predicting a breakout year for AI-driven smart-contract development and automated onchain business creation.

Kevin Hassett, who has crypto ties, rises to the front in Fed Chair search

Bloomberg reported that National Economic Council Director Kevin Hassett has emerged as the frontrunner for Fed Chair, elevating a key figure in the White House's digital asset market working group who also holds a $1 million-plus stake in Coinbase.

• Hassett's policy influence, including his role in shaping recommendations on stablecoins, taxes, and a federal crypto stockpile, positions him as a potentially consequential pick for markets.
• If selected, Hassett would give President Trump a trusted ally at the Fed, people familiar with the matter told the outlet, though the final choice remains uncertain as other candidates like Christopher Waller and Kevin Warsh are still under consideration.

In the next 24 hours

• U.S. markets are closed on Thursday for Thanksgiving.
• Yield Guild Games is among the crypto projects set for token unlocks.

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