Robinhood Ventures Fund II to begin NYSE trading after $200M IPO

Robinhood Ventures Fund II has priced an 8 million-share initial public offering at $25 per share, raising $200 million before fees as Robinhood expands its retail-focused private market fund business.

According to a press release from Robinhood Ventures Fund II, the offering values the fund at $225.5 million before sales load and offering expenses, with the total potentially reaching $255.5 million if underwriters fully exercise an option covering another 1.2 million common shares.

Shares of the fund are expected to begin trading on the New York Stock Exchange on Aug. 13 under the ticker RVII. Subject to customary closing conditions, the offering is scheduled to close on Friday.

Underwriters have also received a 30-day option to purchase up to 1.2 million additional RVII shares at the $25 IPO price, less underwriting discounts and commissions. A full exercise would add another $30 million to the transaction.

The Securities and Exchange Commission declared the registration statement covering the common-share sale effective on Tuesday, clearing the fund to proceed with the public offering.

Robinhood Ventures Fund II gives retail investors private market exposure

Structured as a business development company, Robinhood Ventures Fund II is a closed-end investment vehicle designed to give public-market investors access to a portfolio of private businesses.

The structure allows investors to purchase exchange-traded shares in a fund that can hold positions in companies before they become publicly listed. Robinhood Ventures serves as RVII’s investment adviser and is wholly owned by Robinhood Markets.

The second fund builds on Robinhood’s existing private-market strategy through Robinhood Ventures Fund I, which trades on the NYSE under the ticker RVI.

As crypto.news previously reported, Robinhood Ventures Fund I bought OpenAI shares worth about $75 million in April. The purchase, completed on April 17, became one of the fund’s largest investments and gave the vehicle exposure to one of the world’s most closely watched private technology companies.

RVI launched in March 2026 and was structured to make private companies available to retail investors without accreditation requirements or investment minimums. Its portfolio has included private businesses such as OpenAI, Stripe, Ramp, Revolut and Databricks, according to the April report.

Earlier investments also put capital into companies with links to crypto infrastructure. In March, the first Robinhood Ventures fund invested about $35 million across payments company Stripe and artificial intelligence startup ElevenLabs. About $14.6 million went to Stripe and roughly $20 million to ElevenLabs, according to coverage at the time.

Stripe’s crypto operations include stablecoin and tokenization infrastructure, while ElevenLabs develops AI-based audio technology. The investments placed private technology companies with different business models inside the same retail-access fund structure.

RVII IPO follows Robinhood’s first venture fund

Robinhood Markets has already used the first vehicle to build positions across several private companies while its shares trade publicly through the NYSE.

More recently, a July regulatory filing showed Robinhood Markets selling 21,294 common shares of beneficial interest in RVI on July 6 and July 7. The RVI share sales were completed at prices ranging from $30.815 to $34.31.

The same report said RVI had gained exposure to private companies including Canva, SpaceX, Stripe and ElevenLabs. Robinhood designed the fund around private businesses operating in early or pre-public stages, giving investors a publicly traded route into companies that otherwise may not be directly available through ordinary brokerage accounts.

RVII will use a similar business development company structure. Unlike purchasing shares directly from a private company, investors buy shares in the listed fund and receive exposure through the portfolio managed by Robinhood Ventures.

Goldman Sachs & Co. LLC is serving as lead bookrunner for the new offering. Citigroup, J.P. Morgan, UBS Investment Bank and Wells Fargo Securities are acting as joint bookrunners.

The group of underwriters can collectively purchase the additional 1.2 million shares during the 30-day option period, subject to the terms of the offering.

Robinhood is adding more routes into capital markets

Alongside its venture funds, Robinhood has been building other products that connect retail users with assets or transactions historically dominated by institutional investors.

In June, Robinhood Securities received underwriting approval, allowing the business to serve as an underwriter in public offerings. CEO Vlad Tenev said at the time that retail investors had moved from being an afterthought in IPO planning to playing a larger role in how issuers consider allocations.

Robinhood had already operated IPO Access since 2021, a service through which retail customers can participate in selected public offerings. The underwriting approval expanded its role from providing customers access to IPO allocations to participating directly in the underwriting business.

Private-company exposure has also become part of Robinhood’s crypto strategy outside the U.S. In July, the company launched Robinhood Chain, an Ethereum Layer 2 network built using Arbitrum technology, alongside tokenized stocks and decentralized perpetual futures.

Eligible Robinhood Wallet users in more than 120 countries were given access to tokenized stocks on supported decentralized exchanges, although the product was not made available to users in the United States, Canada, the United Kingdom, Switzerland, the United Arab Emirates and several other restricted jurisdictions.

Robinhood also retained its earlier Classic Stock Tokens product inside its European app. The earlier version originated from the company’s 2025 tokenized-equity rollout, which included products providing economic exposure to private companies such as OpenAI and SpaceX.

Private company access has carried different ownership structures

Robinhood’s private-market products do not all provide investors with the same legal relationship to the underlying companies.

RVI, for example, purchased OpenAI common stock through the fund, while investors bought shares in the listed investment vehicle rather than becoming direct OpenAI shareholders. Robinhood also planned to use the investment as an underlying asset for venture tokens designed to track exposure through the fund.

The distinction previously became an issue when OpenAI rejected any suggestion that Robinhood’s European OpenAI-linked tokens represented direct ownership in the company. OpenAI said in July 2025 that the products were not OpenAI equity and that it had not partnered with Robinhood or approved an equity transfer connected to them.

Tenev later explained that the products were not technically equity but were intended to provide retail investors with exposure to private assets. Robinhood’s newer listed venture funds instead operate as investment companies whose portfolios can directly hold private-company positions while investors own publicly traded interests in the funds.

For RVII, the SEC’s Tuesday effectiveness declaration covered the registration statement for the common shares being sold in the IPO. The fund expects the 8 million shares priced at $25 each to begin NYSE trading under RVII on Aug. 13, with the offering scheduled to close Friday if customary closing conditions are satisfied.