Robinhood Markets (NASDAQ: HOOD) jumped more than 8% during market hours on June 10, trading around $90 at press time.
The rally followed a cluster of updates that landed in quick succession, spanning a major purchase, a fresh regulatory milestone, and strong monthly trading data.
Related: Robinhood CFO sells shares amid market downturn
Ribbit's founder doubles down
A regulatory filing dated June 5 showed that an entity tied to Robinhood director and Ribbit Capital founder Meyer Malka bought 250,000 shares last week at $80.74 apiece, a $20.2 million bet.
The purchase is held through Ribbit-affiliated funds (Bullfrog Capital), and Malka disclaims beneficial ownership except to his pecuniary interest.
After the purchase, entities tied to Malka hold more than 8 million HOOD shares through funds, trusts, and related vehicles.
Ribbit was an early backer of Robinhood, Coinbase (NASDAQ: COIN), Nubank, Revolut, and Affirm, joined Robinhood's 2014 Series A round, and helped lead emergency financing during the 2021 GameStop frenzy.
Trending on TheStreet Roundtable:
A new role in the IPO machine
CEO Vlad Tenev is positioning Robinhood for a bigger part in what is shaping up to be a blockbuster listing cycle.
Tenev said on X on June 9 that Robinhood Securities has been approved to serve as an underwriter, a step beyond its current role as a selling-group participant in public offerings.
He framed the shift as a natural progression. Since IPO Access launched in 2021, he said, retail had gone from an afterthought to a central question in how companies plan a listing.
"Becoming an underwriter, and not just a selling group member, is the natural next step to better serve our customers and our issuers. We intend to be disruptive in this space."
The timing is notable. OpenAI confidentially filed for an IPO this week, joining Anthropic and SpaceX in a wave of potential mega-listings. SpaceX is targeting a roughly $1.7 trillion valuation, while OpenAI and Anthropic were last valued at $852 billion and $965 billion, respectively.
Record platform assets
Robinhood's monthly operating data released on June 9 added to the momentum.
Equity notional trading volumes hit $315 billion in May, up 75% year-over-year, while total platform assets reached a record $377 billion, up 48% from a year earlier. Funded customers rose to 27.7 million.
Related: Cathie Wood's Ark Invest praises Robinhood's foray into prediction markets
This story was originally published by TheStreet on Jun 10, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
