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

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.

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:

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.