- Robinhood raised $225.5 million as its second venture fund debuted on the NYSE.
- The fund will back startups linked to Y Combinator, including crypto and tech firms.
- Robinhood’s crypto volume fell, while stock trading and platform assets continued to grow.
Robinhood raised $225.5 million for its second venture fund in a New York Stock Exchange listing, giving public-market investors a way to invest in early-stage startups.
According to a Reuters report, Robinhood Ventures Fund II sold 8 million shares at $25 each in its initial public offering. The shares opened at $22.50 on Thursday, below the IPO price, as investors traded the fund for the first time.
Fund Targets Y Combinator Startups
The fund will invest in startups founded by former Y Combinator participants, including companies working in crypto and technology.
Related: Bitget $351M Protection Fund Gets a Boost From Bitcoin July Recovery
Y Combinator has backed more than 5,000 companies since 2005. Its portfolio includes Coinbase, Reddit and OpenAI, giving Robinhood’s fund a broad pool of startups to consider.
Robinhood Builds Its Crypto Business
Robinhood is also expanding its crypto business as it grows its wider trading platform. In the UK, the company expanded crypto trading to more than 50 digital assets through its Bitstamp UK platform.
Crypto trading activity has weakened, however. Robinhood’s crypto trading volume fell 62% from a year earlier to $10.9 billion in July. Stock trading volume moved in the opposite direction, rising 59% to $333 billion.
Funded users reached 28.5 million, while assets held on the platform rose 19% to $355 billion.
Related: Fed Injects $5B Into U.S. Economy as Bitcoin Traders Watch Fresh Liquidity
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