---
title: "Robinhood Sells 124,319 RVI Shares at $24.77, Below the IPO Price, in a Sale Not Marked Under Its Trading Plan"
url: https://altstreet.investments/news/robinhood-sells-rvi-shares-below-ipo-price-not-marked-as-10b5-1-sale-2026-10-28
kind: news-article
updated: 2026-11-01
description: "Robinhood sold 124,319 Robinhood Ventures Fund I (RVI) shares on October 28, 2026 at $24.77, below the $25 IPO price, not marked as a 10b5-1 plan sale, per Form 4."
publisher: AltStreet (https://altstreet.investments)
license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted.
---

# Robinhood Sells 124,319 RVI Shares at $24.77, Below the IPO Price, in a Sale Not Marked Under Its Trading Plan

Robinhood Markets' Form 4 filed October 30 reports an October 28 sale at $24.77, its first below the $25.00 IPO price; unlike its sales since July 6, the filing's Rule 10b5-1 box is not checked, which on its own does not show the sale was unplanned. The reported holding after the sale did not change.

By Michael E., Head of Research, AltStreet Research (https://altstreet.investments/authors/michael-e). Published November 1, 2026. Entity: Robinhood Ventures Fund I (CIK 2085091, https://altstreet.investments/edgar/2085091).

Robinhood Markets, Inc., which owns close to half of Robinhood Ventures Fund I (NYSE: RVI), sold 124,319 RVI shares on October 28, 2026 at $24.77 a share, about $3.08 million, according to a Form 4 filed October 30 (accession 0000950103-26-016560). It is the first sale Robinhood has reported below the fund's $25.00 IPO price; its previously reported sales were all at or above $25.00. The Form 4 box that identifies transactions made under an arrangement intended to satisfy the Rule 10b5-1(c) affirmative-defense conditions is not checked, unlike on every Robinhood Form 4 for sales from July 6 to October 27. An unchecked box shows only that the filer did not report this sale as made under such an arrangement; it does not establish that the sale was unplanned or that Robinhood's existing plan has ended. The sale came five days after the fund filed to register Robinhood's entire stake for resale, which AltStreet [covered on October 29](/news/rvi-registers-robinhood-stake-for-resale-2026-10-23).

## What the filings show

Robinhood's plan sales slowed and fell toward $25.00 through October. Its Forms 4 report 4,774 and 6,052 shares sold on October 5 and 6 at weighted averages of $27.01 and $27.03, then smaller lots at $25.05 to $25.55 from October 13, and 85, 225 and 189 shares on October 21, 26 and 27 at $25.01, $25.00 and $25.00. Each of those filings has the 10b5-1 box checked. The filings do not state the plan's terms, including any price limits.

The October 28 sale differs in what the Form 4 shows: it is larger, 124,319 shares against a few thousand or fewer a day in October's plan sales; its $24.77 price carries no weighted-average footnote; and the 10b5-1 box is not checked. Its ownership footnote also differs. The October 30 filing states that the shares reported are held by Robinhood Markets, Inc. and Robinhood Employee Fund, LP, whose general partner Robinhood wholly owns; the October Forms 4 before it carry no such footnote.

The filing reports the holding after the sale as 12,921,815 shares, the same figure the October 29 Form 4 reported after a 189-share sale on October 27. If both filings covered the same holders, subtracting 124,319 would give 12,797,496; that is arithmetic, not a corrected holding, and the broader ownership footnote on the October 30 filing means the two figures may not be directly comparable. The filing does not explain the repeated figure, and no amendment had been filed by November 1.

Meredith Whitney, a director of the fund, reported buying 1,000 RVI shares on October 23 at $23.49, after which her reported holding is 1,000 shares (Form 4, 0000950103-26-016190). On the same day Robinhood's plan sold 4,134 shares at a weighted average of $25.04; the reported transactions do not establish the stock's full trading range that day. The purchase is context, not a view of the fund's prospects.

Robinhood's reported sales in October:

| Trade date | Shares sold | Price | 10b5-1 box | Holding reported after | Form 4 filed |
| --- | --- | --- | --- | --- | --- |
| Oct 5 | 4,774 | $27.01 (wtd avg) | Checked | 12,979,435 | Oct 7 |
| Oct 6 | 6,052 | $27.03 (wtd avg) | Checked | 12,973,383 | Oct 7 |
| Oct 7 to Oct 16 | 46,935 (8 days) | $25.05 to $26.46 (wtd avg) | Checked | 12,926,448 (Oct 16) | Oct 9 to Oct 19 |
| Oct 21 | 85 | $25.01 | Checked | 12,926,363 | Oct 23 |
| Oct 23 | 4,134 | $25.04 (wtd avg) | Checked | 12,922,229 | Oct 27 |
| Oct 26 | 225 | $25.00 | Checked | 12,922,004 | Oct 27 |
| Oct 27 | 189 | $25.00 | Checked | 12,921,815 | Oct 29 |
| Oct 28 | 124,319 | $24.77 | Not checked | 12,921,815 (as filed) | Oct 30 |

From Robinhood Markets' Forms 4 for Robinhood Ventures Fund I (CIK 2085091). Weighted averages are as footnoted on each Form 4. The Oct 7 to Oct 16 row sums eight trading days (4,362 to 8,296 shares a day). Holdings are as reported on each filing, after the stock split noted in the filings.


## Background

Robinhood bought 14,217,271 RVI shares before the fund's March 2026 IPO for $350,000,014, about $24.62 a share after the split, according to the fund's annual report; the $24.77 sale is above that cost. Through October 28 its Forms 4 report 1,419,775 shares sold since June 3, for about $43.2 million. The October 23 shelf registration covers 12,926,363 shares for resale by Robinhood and is not yet effective, so Robinhood's sales to date have been made as an affiliate under Rule 144. The fund's latest reported NAV is $29.20 a share at September 30, 2026; NAV is reported quarterly, so that is the latest figure available, not a value on the sale date.


## Why it matters

Robinhood's earlier filings reported plan-designated sales, all at or above $25.00. The October 28 filing reports a larger sale below that price without the plan designation, by the holder whose entire stake the fund has just moved to register. Resales move existing shares to new owners; the fund receives none of the proceeds and issues no new shares. What they add is supply in a market where, per the fund's N-2, RVI closed between $24.41 and $34.43 in the quarter to September 30.


## What the filings do not show

The Form 4 does not say why Robinhood sold, who bought, or whether the sale was a single block trade, and it does not explain why the reported holding did not change. Whether the shares sold came from Robinhood Markets or from Robinhood Employee Fund, LP is not stated. The filing was submitted through a different filer agent from the October plan Forms 4, which by itself says nothing about the sale. AltStreet has not contacted Robinhood or the fund.


## Key facts

- Robinhood Markets, Inc. sold 124,319 RVI shares on October 28, 2026 at $24.77 (about $3.08 million), per Form 4 accession 0000950103-26-016560 filed October 30; the 10b5-1 plan box is not checked
- It is Robinhood's first reported RVI sale below the $25.00 IPO price; its previously reported sales were all at or above $25.00
- The October 30 Form 4 reports a post-sale holding of 12,921,815 shares, the same figure as the October 29 Form 4; its ownership footnote adds Robinhood Employee Fund, LP, which the earlier filings do not mention, and it does not explain the repeated figure
- Director Meredith Whitney bought 1,000 RVI shares on October 23, 2026 at $23.49, per Form 4 accession 0000950103-26-016190
- Robinhood's Forms 4 report 1,419,775 RVI shares sold from June 3 to October 28, 2026 for about $43.2 million, against 14,217,271 seed shares bought at about $24.62


## Sources

- Robinhood Markets, Inc., Form 4 for Robinhood Ventures Fund I (sale of October 28, 2026), filed October 30, 2026: https://www.sec.gov/Archives/edgar/data/2085091/000095010326016560/
- Robinhood Markets, Inc., Form 4 (10b5-1 plan sale of October 27, 2026), filed October 29, 2026: https://www.sec.gov/Archives/edgar/data/2085091/000178387926000173/
- Robinhood Markets, Inc., Form 4 (10b5-1 plan sales of October 23 and 26, 2026), filed October 27, 2026: https://www.sec.gov/Archives/edgar/data/2085091/000178387926000166/
- Meredith Whitney, Form 4 (purchase of October 23, 2026), filed October 26, 2026: https://www.sec.gov/Archives/edgar/data/2085091/000095010326016190/
- Robinhood Ventures Fund I, Form 4 history: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002085091&type=4&dateb=&owner=include&count=40
- AltStreet: RVI Files to Register Robinhood's Entire 47% Stake for Resale: https://altstreet.investments/news/rvi-registers-robinhood-stake-for-resale-2026-10-23


## SEC accession numbers

- 0000950103-26-016560
- 0001783879-26-000173
- 0000950103-26-016190

---

Source page: https://altstreet.investments/news/robinhood-sells-rvi-shares-below-ipo-price-not-marked-as-10b5-1-sale-2026-10-28
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