NEW YORK, March 10, 2026, 12:54 PM EDT
Robinhood Markets’ first private-markets fund was trading at $22.50 on Tuesday, about 10% below its $25 IPO price just four days after listing, giving investors an early read on the company’s latest bet to move beyond stock and crypto trading. 1
The timing matters because Robinhood is still trying to prove newer products can offset a choppy trading business. In the fourth quarter, transaction-based revenue rose 15% to $776 million, but crypto trading revenue came in at $221 million and missed analysts’ expectations. 2
Chief Executive Vlad Tenev has told investors private markets could become bigger than prediction markets for Robinhood over time. At its March product event, the company also rolled out a Platinum card, trust and custodial accounts, and upgrades to Robinhood Strategies as it pushes deeper into everyday finance. 3
The new vehicle, Robinhood Ventures Fund I, is a closed-end fund, meaning its shares trade on an exchange instead of being redeemed directly with the manager. Robinhood CFO Shiv Verma said there is a “big gap in the market” because retail investors cannot access private assets, and said the fund’s late-stage companies are “much less risky” than earlier startups. The holdings include Databricks, Ramp and Revolut. 4
Robinhood shares themselves were little changed at $79.74 around midday in New York. The muted move suggests investors are waiting for clearer proof that the company’s new lines can deepen customer ties and add steadier revenue.
The broader push also reaches outside brokerage. Last week Robinhood unveiled a $695 Platinum card aimed at wealthier users, setting up a direct fight for premium customers with American Express and JPMorgan Chase. “We want to go after the legacy players’ customers,” Deepak Rao, vice president and general manager of Robinhood Money, told Reuters. Robinhood executive Abhishek Fatehpuria said the company’s customers are now in their mid-30s and want more complex products. 5
Scale is not the problem. Robinhood reported 27.2 million funded customers — accounts with money deposited — and $324.4 billion in total platform assets at the end of January. January event contracts, the prediction products tied to real-world outcomes, reached 3.4 billion, and the company said it had spent $173 million to repurchase about 2.1 million shares through Feb. 17. 6
But private markets bring a different risk: pricing is murky, and retail investors usually get less information than venture firms do. Fortune, citing the prospectus, noted the fund warned that “There will be uncertainty as to the value” of portfolio investments, while Barron’s reported RVI closed 16% below its offer price on its first trading day. If that discount sticks, Robinhood could find that opening private markets is easier than keeping small investors there. 7
Robinhood’s next near-term test comes on Thursday, when the company is expected to release February monthly metrics. After posting record 2025 revenue of $4.5 billion, Robinhood now has to show that private assets, premium cards and other newer products can smooth out the bumps that come with a trading-led business. 8
