NEW YORK, March 10, 2026, 12:54 PM EDT
Robinhood Markets’ debut private-markets fund changed hands at $22.50 on Tuesday, slipping roughly 10% from its $25 IPO price just four days after its public launch. That drop offered investors their first look at how the company’s latest push outside stock and crypto trading is faring.
The timing’s key here: Robinhood is under pressure to show that its latest offerings can make up for volatility in its core trading business. Transaction-based revenue climbed 15% to $776 million for the fourth quarter. Still, crypto trading pulled in just $221 million—short of what analysts had forecast.
Chief Executive Vlad Tenev told investors he sees private markets eventually outgrowing prediction markets for Robinhood. Back in March, the company introduced a Platinum card, new trust and custodial accounts, plus fresh updates to Robinhood Strategies, moving further into daily financial services.
Robinhood Ventures Fund I is structured as a closed-end fund—shares are listed and traded on an exchange, not redeemed straight from the manager. “There is a big gap in the market,” CFO Shiv Verma said, arguing retail investors lose out on private assets. He also called the fund’s focus on late-stage companies “much less risky” compared to early-stage startups. Among its holdings: Databricks, Ramp, and Revolut. Reuters
Robinhood shares hovered near $79.74 around midday in New York, barely budging. Investors appear to be holding out for stronger evidence that the company’s new offerings will actually strengthen customer relationships and deliver more consistent revenue.
The effort isn’t just confined to brokerage. Robinhood last week rolled out its $695 Platinum card—targeting affluent clients and putting the company head-to-head with American Express and JPMorgan Chase for the high-end crowd. “We want to go after the legacy players’ customers,” said Deepak Rao, vice president and general manager of Robinhood Money, speaking to Reuters. According to executive Abhishek Fatehpuria, Robinhood’s user base has aged into their mid-30s and is starting to demand more sophisticated offerings. Reuters
Scale isn’t the issue here. By January’s close, Robinhood counted 27.2 million funded accounts and platform assets totaling $324.4 billion. Event contracts for January—a type of prediction product linked to real-world events—hit 3.4 billion. The company also disclosed it spent $173 million to buy back roughly 2.1 million shares through Feb. 17.
Private markets have their own set of challenges: pricing isn’t transparent, and retail investors typically see less detail than venture capital firms. According to Fortune, which referenced the prospectus, the fund cautioned that “There will be uncertainty as to the value” of its portfolio holdings. Barron’s noted RVI shares dropped 16% below the offer price on debut. Should that discount hold, Robinhood might discover that getting retail investors into private markets is one thing—keeping them is another. Fortune
The next hurdle for Robinhood lands Thursday, as investors await February’s monthly numbers. The company is coming off a record $4.5 billion in 2025 revenue, but now faces pressure to prove its latest offerings—private assets, premium cards, and similar products—can help level out the volatility that typically comes with a trading-focused model.
