Robinhood chief executive Vladimir Tenev sold about $32.5 million of company stock (HOOD) on Monday, the third time this year he has done so under a trading plan he set up a year earlier.
The filing that discloses it also shows how little of his stake the sale touched. Tenev holds 48,035,406 Class B shares, each convertible into a Class A share, worth roughly $6 billion at the price he sold at. The 259,166 shares he disposed of amount to about half a percent of that.
A Form 4 filed with the U.S. Securities and Exchange Commission on September 23, 2026, discloses the September 21 transactions, signed by Maureen Montgomery as attorney-in-fact for Tenev.
What the Filing Shows
The September 21 sale was reported in two price blocks, reflecting trades executed at different points during the day. Tenev disposed of 248,136 Class A shares at a weighted-average price of $125.5528 in multiple trades ranging from $125.05 to $126.04 and a further 11,030 shares at a weighted-average of $126.1489 in trades between $126.10 and $126.31.
Together that comes to about $32.55 million, at a blended average of roughly $125.58 per share.
The mechanics are worth spelling out, because they explain an otherwise confusing set of numbers. Tenev does not hold Class A stock directly. What he sold were Class B shares, which convert automatically into Class A shares at the moment of sale. The filing records that conversion as an acquisition of 259,166 Class A shares, followed immediately by their disposal, leaving his direct Class A balance at zero.
That is why the filing shows him acquiring and disposing of the same quantity on the same day and why his direct Class A holding reads as nil rather than as a reduced position.
What He Still Holds
After the transactions, Tenev’s reported holdings are:
- 48,035,406 Class B shares, held directly, each convertible into one Class A share
- 6,907 Class A shares, held indirectly through his living trust
- Zero Class A shares held directly
At the weighted-average price of his September sale, the Class B stake alone would be worth approximately $6.03 billion. The Class A shares in the trust would be worth about $867,000 on the same basis. Those are calculations at the sale price, not current market valuations.
A Form 4 reports only an insider’s holdings in the issuer’s own securities. It does not disclose any other assets.
A Pattern of Sales
The transactions were executed under a Rule 10b5-1 trading plan Tenev adopted on September 5, 2025. Such plans let corporate insiders schedule trades in advance so that sales proceed on preset terms rather than at a moment the insider chooses, providing an affirmative defense against insider trading allegations.
This is at least the third sale under that plan in 2026. Tenev sold 375,000 shares on July 6, a transaction that left him holding 48,294,572 Class B shares, according to the Form 4 filed for it. The 259,166 shares sold this week reduce that figure to 48,035,406, matching the filing exactly. He also sold 375,000 shares in early April, at prices between $69.53 and $70.12.
The prices tell their own story about Robinhood’s year. April’s sale priced around $70; July’s around $116; Monday’s around $126.
Why Class B Matters
Class B shares carry enhanced voting rights at Robinhood, which is the reason Tenev’s economic sales do not translate into a proportionate loss of influence. Because the conversion happens only at the point of sale, every share he sells is a share of voting power he gives up, while everything he retains stays in the higher-voting class.
The Form 4 does not state the voting ratio; that is set out in Robinhood’s charter and annual report.
What This Says, and Doesn’t Say, About Crypto
Robinhood is followed closely by crypto investors because a substantial part of its business is crypto trading, and its stock is often treated as a proxy for retail crypto activity. That is the reason a routine insider filing draws attention in this market.
The filing itself says nothing about crypto. It discloses Tenev’s holdings in Robinhood securities only. Neither this Form 4 nor any other SEC filing discloses personal cryptocurrency holdings by a corporate officer, because digital assets held personally are not issuer securities and fall outside Section 16 reporting.
So there is no public record of what, if any, crypto Tenev owns personally, and any claim about it would be speculation. What is on the record is his stake in a company whose revenue is tied in part to crypto trading volumes and the fact that he has been selling small portions of it on a preset schedule since last September.
What the Filing Does Not Establish
A 10b5-1 sale is scheduled in advance, so it carries no signal about an executive’s view of the company at the time of execution. The plan was adopted more than a year before this trade.
The filing also gives no indication of the plan’s remaining size or duration, no reason for the sales, and no information about any other transactions.
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