'Robinhood' Director Acquires Hundreds of Billions in Shares and Prepares 0% Convertible Bonds

Robinhood Markets, Inc. (NASDAQ: HOOD) announced that board member Meyer Malka made two sizable purchases of its shares via an indirect holding structure earlier this month.

On June 3 and June 5, Malka acquired about 181,000 and 250,000 shares, respectively, in the open market—investing roughly $35 million (approximately KRW 50 billion) through funds and trusts and significantly increasing his indirect equity stake. These transactions coincided with regular RSU vesting and the grant of new annual director compensation RSUs.

On June 25, the company disclosed it had entered into a trust agreement with U.S. Bank Trust Company, a national trust bank in the U.S., to issue up to $2.2 billion in 0.00% convertible senior notes due October 1, 2029 (about KRW 3.4 trillion).

Robinhood had previously completed a private placement of $2.2 billion in convertible notes on the same terms, stating that roughly $290 million of the proceeds would be used for share repurchases and the remainder allocated to growth investments and enhancing strategic flexibility.

In a separate filing, the company also said that as part of its recent organizational restructuring, it plans to reduce its workforce by about 10% and expects to record approximately $28 million in second-quarter restructuring charges and additional stock-based compensation expenses.

Headquartered in Menlo Park, California, Robinhood is a U.S. fintech and online brokerage platform that pioneered commission-free trading of stocks, options, and cryptocurrencies via its mobile app and has since expanded into cash management, credit cards, and prediction markets.

Meyer “Micky” Malka—the director who increased his stake—is the founder of fintech-focused venture capital firm Ribbit Capital and an early investor in Robinhood. He has served on Robinhood’s board for several years and is known for shaping the company’s strategic direction and governance.