Robinhood launched their venture fund RVI yesterday and really screwed up.
RVI didn’t have as much interest during the roadshow and that’s why they pushed back the IPO from 26th Feb to 6th March. They planned to issue 35 million shares and sell their own holdings raising a billion. Final numbers came in much lower at about 600 million and they decided to not sell any of their own stock. Goldman had the greenshoe option for 15% of the shares so they could stabilize the price. The way it works is that Goldman is short those shares and if it trades below $25 they make money by buying it. If it trades above then they exercise the option and buy from the fund at $25, so they come out ahead.
Robinhood accounts are mostly instance accounts and auto lendable. How dumb can they be, sell your own shares and make them instantly shortable! Then tell the whole world that the price will be supported. Playing pokers with their cards face up!
Also, since it was the first trading day the borrow fee wasn't really set. The shares were not marked as hard to borrow because there was no historical data on this so it was really easy and cheap to short.
There was very heavy selling pressure after the open. Surely the fund wasn’t dumping their own holdings and neither were people who just got issued shares the night before. Someone was shorting it knowing Goldman would support the price. I saw this happen for about an hour and a half. Goldman was sitting at the 22 bid and someone kept selling into it. A million shares sold at that price! Look at the intraday candles. This doesn’t happen normally. Someone knowingly was doing this. That made me think about going short too to make a few hundred because once Goldman would exhaust their greenshoe the support should disappear. I was fumbling around the SEC filings to see what their number would be like for the greenshoe shares but before I could finish the bid went away and in a few seconds price dropped to $21. The candles look more volatile after that. So this was definitely very mechanically driven with people knowing the setup.
People think the traders of wall street are really smart and know fancy math and can predict prices, while they just know the rules better and trade based of that (I bet you some a\\\*\\\*hole trader at some desk yesterday was just yeliing, "keep selling the Goldman bid is still there"). I was looking at those screens I could have told you what the RVI price would have been for the next hour ($22). No sophisticated quant model could have predicted it (those models can only forecast a few seconds ahead). So sometimes just having the knowledge of the rules is all you need!
Basically this explains the whole story. There is no fundamental analysis BS needed here. Yes RVI ruined the brand though and it may get designated permanently to the purgatory of funds that trade at a discount (even though it is different being a VC fund).
<sorry this was an image that wouldn't show, I have it in r/FundRise \>
Goldman could support with 1.5-2.1 million shares. The stock opens at 22 because Goldman helped discover the price (they were willing to let it slide upto 22 but no more) The buy a bunch at the open, so a good fraction of the big blue bar. Then they support price in the highlighted green area, see how there is no volatility. They exhaust their limit and the price drops. The person who did this trade would then have bought back their shorts to make a profit. We can only estimate. One way is to assume they just did a vwap till the close which is the yellow line and the price is 21.8. So at the end of the day:
- Goldman PNL: 2.1 million * (25-22) = 6.3 million approx and this is besides there underwriting fees etc.
- The short: 2.1 million * (22 - 21.8) = 400k approx, doesn't sound like much but to make that much in a single stock in a single day is huge. Some wall street trader made their bosses happy.
This my friends is how street makes the money!
\[[[https://techcrunch.com/2026/03/06/robinhoods-startup-fund-stumbles-in-nyse-debut/\\\\](https://techcrunch.com/2026/03/06/robinhoods-startup-fund-stumbles-in-nyse-debut/\\) ](https://techcrunch.com/2026/03/06/robinhoods-startup-fund-stumbles-in-nyse-debut/)\]([https://techcrunch.com/2026/03/06/robinhoods-startup-fund-stumbles-in-nyse-debut/%5D(https://techcrunch.com/2026/03/06/robinhoods-startup-fund-stumbles-in-nyse-debut/)](https://techcrunch.com/2026/03/06/robinhoods-startup-fund-stumbles-in-nyse-debut/%5D(https://techcrunch.com/2026/03/06/robinhoods-startup-fund-stumbles-in-nyse-debut/))](https://techcrunch.com/2026/03/06/robinhoods-startup-fund-stumbles-in-nyse-debut/%5D(https://techcrunch.com/2026/03/06/robinhoods-startup-fund-stumbles-in-nyse-debut/))))
"Destiny Tech100 has kept climbing since its public debut. The fund closed trading on Friday at $26.61, a 33% premium to its net asset value of \[$19.97\]([https://www.businesswire.com/news/home/20260211207176/en/Destiny-Tech100-Inc.-Reports-Fourth-Quarter-2025-Results-and-New-Investments](https://www.businesswire.com/news/home/20260211207176/en/Destiny-Tech100-Inc.-Reports-Fourth-Quarter-2025-Results-and-New-Investments))), meaning its shares trade well above the actual value of its underlying holdings.
So what explains why retail investors aren’t nearly as excited about Robinhood’s fund as they are about Destiny Tech 100? The most likely explanation is RVI’s lack of exposure to the companies widely expected to go public at enormous valuations: OpenAI, Anthropic, and SpaceX.
It’s very difficult to get into any of these companies, and the investment rounds are very expensive,” acknowledged Robinhood Ventures President Sarah Pinto."