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

Rhea-AI Filing Summary

Insider transactions by Malka Meyer relating to Robinhood Markets (HOOD) are reported on Form 4. The filing shows multiple sales of Class A common stock on August 27-28, 2025, including 80,520 shares sold on 08/27/2025 at a weighted average price of $104.0306, 554,108 shares sold on 08/28/2025 at $103.4194 and 539,180 shares sold on 08/28/2025 at $104.3349. Post-transaction beneficial holdings are reported in several vehicles: Aphrodite Trusts (325,411 shares each), the Malka Kleiner Revocable Trust (3,000,000 shares), Tibbir Trust (1 share), Tibbir Holdings LLC, and Bullfrog Capital entities. The filing also discloses a collar hedging arrangement executed by Bullfrog on 08/27/2025 consisting of 30,000 FLEX put contracts at a $100 strike and 30,000 FLEX call contracts at a $150 strike, expiring 12/31/2027.

Positive

• None.

Negative

• Insider sales totaling hundreds of thousands of Class A shares were executed on 08/27-08/28/2025 at weighted-average prices around $103–$104 per share.
• Bullfrog executed a substantial collar hedge (30,000 puts at $100 strike and 30,000 calls at $150 strike) expiring 12/31/2027, indicating risk-management that could affect future selling/ownership dynamics.

Insights

Financial Analyst

TL;DR: Significant insider share disposals were executed across trusts and funds at roughly $103–$104 per share; a large collar hedge was put on 30,000 shares.

The reported sales reduce certain reported beneficial holdings and show the reporting person uses multiple family and fund vehicles to hold shares. The disclosed weighted-average sale prices are in a narrow band around $103–$104, indicating sales executed over a short window. The collar executed by Bullfrog (30,000 puts and 30,000 calls, $100/$150 strikes, expiring 12/31/2027) is a material hedging position that preserves potential upside above $150 while providing downside protection to $100 for the covered position. For investors, these are informative disclosures about insider liquidity and risk-management activity, but the filing contains no operational or financial performance data for the issuer.

Corporate Governance Expert

TL;DR: A director-level reporting person disclosed organized disposals across trusts and fund vehicles and an options collar by an affiliated fund.

The structure disclosed—multiple trusts, a revocable trust, an LLC, and fund nominees—reflects common governance arrangements for insider holdings. The filing includes explicit disclaimers of beneficial ownership in several entities, with the reporting person acknowledging only pecuniary interests to the extent applicable. The transactions were reported promptly and include price ranges and undertakings to provide detailed per-price sale information on request, which aligns with Section 16 reporting expectations. No governance changes, resignations, or related-party transactions beyond disclosed holdings are reported.

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
Estimated average burden
hours per response:			0.5

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^*

Malka Meyer

(Last) (First) (Middle)

C/O RIBBIT CAPITAL

364 UNIVERSITY AVE.

(Street)

PALO ALTO CA 94301

(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)
08/27/2025

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	08/27/2025		S		80,520	D	$104.0306(1)	5,069,522	I	By Trusts(2)
Class A Common Stock	08/28/2025		S		554,108	D	$103.4194(3)	4,515,414	I	By Trusts(2)
Class A Common Stock	08/28/2025		S		539,180	D	$104.3349(4)	3,976,234(2)	I	By Trusts(2)
Class A Common Stock								7,010	D(5)
Class A Common Stock								102,183	I	By LLC(6)
Class A Common Stock								3,235,585	I	By Fund(7)

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
Put option (obligation to buy)	$100	08/27/2025		S/K			30,000	(8)	(8)	Class A Common Stock	30,000	(8)	30,000	I	By Fund(5)
Call option (obligation to sell)	$150	08/27/2025		S/K			30,000	(8)	(8)	Class A Common Stock	30,000	(8)	30,000	I	By Fund(5)

Explanation of Responses:

1. Represents 26,840 shares of Class A Common Stock ("Shares") of Robinhood Markets, Inc. ("Issuer") sold by each of the Aphrodite EM Trust, the Aphrodite MM Trust and the Aphrodite SM Trust (collectively, the "Aphrodite Trusts"). The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $104.00 to $104.51, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price at which the transactions were effected.

2. Following the transactions reported in this Form 4, (i) 325,411 shares are held by each of the Aphrodite Trusts, (ii) 3,000,000 shares are held directly by the Malka Kleiner Revocable Trust dated July 16, 2012 (the "Malka Trust") and (iii) one share is held directly by the Tibbir Trust. The Reporting Person serves as trustee of the Malka Trust, and the Reporting Person's immediate family member serves as trustee of the Tibbir Trust and each of the Aphrodite Trusts. The Reporting Person disclaims beneficial ownership of such shares for purposes of Section 16 of the Securities Exchange Act of 1934 ("Section 16") except to the extent of his pecuniary interest therein, if any, and this report shall not be deemed an admission that such shares are beneficially owned by him for Section 16 or any other purpose.

3. The Reporting Person is the founder and managing partner of the Ribbit Capital family of funds, and is contractually obligated to transfer and/or remit the proceeds of any sale of shares issued pursuant to stock awards or upon vesting and settlement of restricted stock units to certain entities affiliated with such funds. The Reporting Person disclaims beneficial ownership of such shares for purposes of Section 16 except to the extent of his pecuniary interest therein, if any, and this report shall not be deemed an admission that such shares are beneficially owned by him for Section 16 or any other purpose.

4. Represents (i) 69,000 Shares sold by each of the Aphrodite Trusts and (ii) 347,108 Shares sold by the Malka Trust. The price reported in Column 4 is a weighted average price. The Shares were sold in multiple transactions at prices ranging from $103.00 to $103.995, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price at which the transactions were effected.

5. Represents 539,180 Shares sold by the Malka Trust. The price reported in Column 4 is a weighted average price. The Shares were sold in multiple transactions at prices ranging from $104.00 to $104.94, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price at which the transactions were effected.

6. Shares held by Tibbir Holdings LLC, of which the Reporting Person serves as investment manager. The Reporting Person disclaims beneficial ownership of such Shares for purposes of Section 16 except to the extent of his pecuniary interest therein, if any, and this report shall not be deemed an admission that such shares are beneficially owned by him for Section 16 or any other purpose.

7. Shares held by Bullfrog Capital, L.P. ("Bullfrog"), for itself and as nominee for Bullfrog Founder Fund, L.P. ("Bullfrog FF"). Bullfrog Capital GP, L.P. ("BF GP") is the general partner of Bullfrog and Bullfrog FF, and Bullfrog Capital GP, Ltd. ("BF UGP") is the general partner of BF GP. The Reporting Person is a director BF UGP and disclaims beneficial ownership of such shares for purposes of Section 16 except to the extent of his pecuniary interest therein, if any, and this report shall not be deemed an admission that such shares are beneficially owned by him for Section 16 or any other purpose.

8. On August 27, 2025, Bullfrog executed a collar hedging arrangement relating to the Shares through a broker-dealer on the Chicago Board Options Exchange. The collar arrangement consisted of Bullfrog (i) purchasing 30,000 European-style listed FLEX put option contracts on the Shares with a strike price equal to $100.00 and (ii) selling 30,000 European-style listed FLEX call option contracts on the Shares with a strike price equal to $150.00. The option contracts will be physically settled and will expire on December 31, 2027.

	/s/ Meyer Malka	08/29/2025
	** 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 shares did Malka Meyer sell according to the Form 4 for HOOD?

The Form 4 reports sales of Class A common stock including 80,520 shares on 08/27/2025 at $104.0306 (weighted average), 554,108 shares on 08/28/2025 at $103.4194, and 539,180 shares on 08/28/2025 at $104.3349.

How many shares does Malka Meyer or affiliated trusts hold after the reported transactions?

Post-transactions, the filing shows 325,411 shares held by each Aphrodite Trust, 3,000,000 shares held by the Malka Kleiner Revocable Trust, and one share held by the Tibbir Trust, among other holdings described.

What hedging transactions are disclosed in the Form 4 for HOOD?

Bullfrog executed a collar on 08/27/2025 consisting of 30,000 FLEX puts at a $100 strike and 30,000 FLEX calls at a $150 strike, both physically settled and expiring on 12/31/2027.

Does the filing state who controls the trusts and funds holding the shares?

Yes. The reporting person serves as trustee of the Malka Trust; an immediate family member serves as trustee of the Tibbir and Aphrodite Trusts; the reporting person is founder and managing partner of Ribbit Capital family of funds and a director of an entity related to Bullfrog.

Are detailed per-price sale breakdowns provided in the filing?

The filing provides weighted-average prices and price ranges for the multiple transactions and states the reporting person will provide full information regarding the number of shares sold at each separate price upon request.