Robinhood Markets, Inc. director and 10% owner Baiju Bhatt filed a Form 4 on October 23, 2026, disclosing the sale of 50,912 shares of Class A Common Stock on October 21, 2026, executed under a pre-established Rule 10b5-1 trading plan.

Key Highlights

  • Total shares sold: 50,912 Class A Common Stock shares were disposed of by the Baiju Bhatt Living Trust on October 21, 2026.
  • Conversion preceding sale: 50,912 shares of Class B Common Stock were first converted into Class A Common Stock on the same date, triggering the sales.
  • Sale prices: Shares were sold across four tranches at weighted-average prices of $99.4705, $100.3752, $101.7191, and $102.3836, with individual trade prices ranging from $98.96 to $102.87.
  • Remaining Class B stake: Following the transactions, the Living Trust held 46,754,654 Class B Common Stock shares indirectly.
  • Post-sale Class A holdings: The Living Trust held zero Class A shares indirectly after the sales; 4,636 Class A shares remain listed as directly held.
  • 10b5-1 plan: All transactions were effected pursuant to the Bhatt 10b5-1 plan adopted by the Living Trust on November 13, 2025.

Bhatt Living Trust Converts and Sells Class B Shares Under Established Trading Plan

According to the filing, the Baiju Bhatt Living Trust executed a series of transactions on October 21, 2026, in connection with a Rule 10b5-1 trading plan adopted on November 13, 2025. The first step involved the conversion of 50,912 shares of Class B Common Stock into an equal number of Class A Common Stock shares at a conversion price of $0, as described in the filing's explanation of responses. This automatic conversion occurred upon execution of the sales.

The filing reports four separate sale tranches totaling 50,912 Class A shares: 10,500 shares at a weighted-average price of $99.4705 (individual trade prices ranging from $98.96 to $99.95); 6,000 shares at $100.3752 (ranging from $99.96 to $100.94); 11,232 shares at $101.7191 (ranging from $101.01 to $102.00); and 23,180 shares at $102.3836 (ranging from $102.01 to $102.87). The filing notes that the reporting person undertakes to provide full trade-level detail upon request by the SEC staff, the issuer, or any security holder.

Baiju Bhatt is identified in the filing as a director of Robinhood Markets, Inc. (NASDAQ:HOOD) and a 10% owner. All shares involved are held indirectly through the Living Trust, with the exception of 4,636 Class A shares listed as directly owned. After the reported disposals, the Living Trust held no Class A shares indirectly and retained 46,754,654 Class B Common Stock shares indirectly. The form was signed by Maureen Montgomery as attorney-in-fact for Baiju Bhatt and filed on October 23, 2026.

What Was Disclosed

The filing reports the October 21, 2026 conversion of 50,912 Class B shares into Class A shares and their subsequent sale by the Baiju Bhatt Living Trust under a pre-established 10b5-1 plan, with all transactions attributed to Robinhood Markets, Inc. director and 10% owner Baiju Bhatt.