[Form 4] Robinhood Markets, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Baiju Prafulkumar Bhatt, a director of Robinhood Markets (HOOD), reported that on 08/11/2025 the Baiju Prafulkumar Bhatt Living Trust donated 951,792 shares of Class B Common Stock, which automatically converted into the same number of Class A Common Stock upon execution of the donation. The filing states the donation was a bona fide gift to a donor advised fund. Following the reported transactions the Living Trust is shown as beneficially owning 50,267,528 Class A Common shares.

Positive

• Transparent disclosure of the donation and automatic conversion, providing clear agreement with Section 16 reporting requirements
• Living Trust retains substantial holdings with 50,267,528 Class A Common shares reported after the transactions

Negative

• Reduction of Class B holdings by 951,792 shares through a gift from the Living Trust
• 951,792 shares were transferred to a donor advised fund, representing an outflow of shares from the Living Trust

Insights

Financial Analyst

TL;DR: A significant charitable transfer of 951,792 Class B shares converted to Class A; the Living Trust still holds a large position of 50,267,528 Class A shares.

The Form 4 discloses a donation of 951,792 Class B shares on 08/11/2025 that triggered automatic conversion to Class A. This is a non-sale disposition (reported as a gift) rather than a market sale, so there is no direct proceeds impact disclosed. The disclosure shows continued substantial beneficial ownership by the Living Trust of 50,267,528 Class A shares, which remains a material stake in absolute terms as reported on the form.

Corporate Governance Expert

TL;DR: Director Baiju Bhatt's Living Trust donated 951,792 Class B shares, which converted to Class A and were given to a donor advised fund.

The filing clarifies the nature of the transfer as a bona fide gift from the Baiju Prafulkumar Bhatt Living Trust to a donor advised fund and records the automatic conversion of the gifted Class B shares into Class A. The report identifies the trust as the indirect beneficial owner after the transactions, with 50,267,528 Class A shares shown. The disclosure is explicit about the transaction type and post-transaction ownership figures.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bhatt Baiju

(Last) (First) (Middle)

C/O ROBINHOOD MARKETS, INC.

85 WILLOW ROAD

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Robinhood Markets, Inc. [ HOOD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/11/2025		C		951,792	A	(1)	951,792	I	By Living Trust
Class A Common Stock	08/11/2025		G(2)		951,792	D	$0	0	I	By Living Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(1)	08/11/2025		C			951,792	(1)	(1)	Class A Common Stock	951,792	$0	50,267,528	I	By Living Trust

Explanation of Responses:

1. As part of the transactions effected on August 11, 2025, the Baiju Prafulkumar Bhatt Living Trust, dated 11/30/2017 ("Living Trust") donated an aggregate of 951,792 shares of its Class B Common Stock, resulting in an automatic conversion of the same amount of shares into Class A Common Stock upon execution of the donation.

2. Represents a bona fide gift of 951,792 shares from the Living Trust to a donor advised fund.

Remarks:

	/s/ Matthew Yorkavich, attorney-in-fact for Baiju Bhatt	08/13/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Baiju Bhatt report on Form 4 for HOOD?

The report discloses that on 08/11/2025 the Baiju Prafulkumar Bhatt Living Trust donated 951,792 shares of Class B Common Stock, which automatically converted into the same number of Class A Common Stock.

How many shares were donated and who received them?

An aggregate of 951,792 Class B shares were donated and the filing states they were given as a bona fide gift to a donor advised fund.

How many Class A shares does the Living Trust beneficially own after the transaction?

The filing shows the Living Trust as beneficially owning 50,267,528 Class A Common shares following the reported transactions.

What transaction codes appear on the Form 4 for these transfers?

The form records Code C for the conversion and Code G to indicate a gift (bona fide donation).

What is Baiju Bhatt's relationship to Robinhood (HOOD)?

The Form 4 identifies Baiju Prafulkumar Bhatt as a Director of Robinhood Markets, Inc.