Robinhood

Robinhood Markets, Inc. (Nasdaq: HOOD) runs financial services platforms that let customers buy, sell and trade equities, options, event contracts and futures, and buy, sell and transfer cryptocurrencies, for which it also provides custody. The company states its mission as democratizing finance for all. It is headquartered in Menlo Park, California, and had approximately 2,900 full-time employees as of December 31, 2025.^[1]

The business has broadened well beyond the trading app. In February 2025 Robinhood acquired TradePMR, a custodial and portfolio management platform for registered investment advisers. In March 2025 it launched Robinhood Strategies, a digital advisory service with managed portfolios inside the mobile app. In June 2025 it acquired Bitstamp, a cryptocurrency exchange with institutional and retail customers. In September 2025 it filed the initial prospectus for Robinhood Ventures Fund I (RVI), a listed closed-end fund meant to give retail investors exposure to private companies.^[1]

Key operating metrics at the end of the second quarter of 2026: 28.4 million Funded Customers, up 7 percent year over year; Total Platform Assets of $369 billion, up 32 percent; 4.8 million Robinhood Gold subscribers, up 39 percent; and average revenue per user of $187. The company said it now has 13 business lines that have each reached $100 million or more in annualized revenue.^[2]

Robinhood was founded in 2013 by Vladimir Tenev and Baiju Bhatt. The IPO prospectus says the company pioneered commission-free trading with no account minimums, and that the founders' belief was that everyone should have access to the financial system.^[3]

On June 1, 2026 Robinhood closed its acquisition of WonderFi, a Canadian digital-asset company that operates two of Canada's longest-standing regulated crypto platforms, Bitbuy and Coinsquare. The deal was Robinhood's entry into Canada, and the company said it now has more than 1 million international funded customers. No purchase price was given in the announcement.^[4]

Robinhood went public in July 2021 on Nasdaq. The offering was 55,000,000 shares of Class A common stock, of which the company sold 52,375,000, at an initial public offering price of $38.00 per share, for net proceeds to the company of approximately $1.9 billion. All Class B shares after the offering were held by the founders and their related entities; Tenev's related entities held an economic interest of about 7.8 percent of capital stock while Tenev held about 26.1 percent of the voting power.^[3]

The prospectus ownership table shows the venture holders going into the IPO: entities affiliated with Index Ventures held 84,878,375 shares (13.0 percent), New Enterprise Associates 74,788,966 shares (11.4 percent), Ribbit Capital 64,422,442 shares (9.8 percent) and DST Global 58,102,765 shares (8.9 percent). The IPO valuation is not stated in the prospectus and is not given here.^[3]

For the second quarter of 2026, ended June 30, 2026, Robinhood reported total net revenues of $1,308 million, up 32 percent year over year, with transaction-based revenues of $776 million, net interest revenues of $389 million and other revenues of $143 million. Net income increased 48 percent to $573 million, which included $129 million of gains primarily related to the deconsolidation of Robinhood Ventures Fund I. Net deposits in the quarter were $21.7 billion. Cash and cash equivalents were $5.4 billion, including proceeds from a June 2026 convertible notes offering.^[2]

Robinhood's venture activity runs through RVI, the listed closed-end fund it launched in September 2025 and deconsolidated in the second quarter of 2026.^[1],[2],[5]