Odd Lots Robinhood CEO Vlad Tenev on Tokenization and Prediction Markets for Everything
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Mar 9, 2026 
Vlad Tenev, Co-founder and CEO of Robinhood, leads the push into tokenized private shares and new prediction-market integrations. He discusses the fallout from tokenization plans, evolving approaches in Europe and the US, how Robinhood structures retail access to private companies, and plans to integrate prediction markets and new trading instruments for everyday investors.
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RVI Gives Retail Access To Privates Without Carry
- Robinhood launched Robinhood Ventures Fund One (RVI) as a 40-act closed-end vehicle to give retail access to private company returns.
- Vlad positions RVI as investor-friendly: no carry and public listing for transparency, investing in names like Databricks and Revolut.
Classify Investor Activity By Intent And Velocity
- Distinguish investing, trading, and gambling by intent and velocity when designing products or advising customers.
- Vlad: investing means buy-and-hold, trading is time-bound thesis-driven, gambling is emotion-entertainment driven.
How Robinhood Structured Early Stock Tokens
- Robinhood's European stock tokens issued as giveaways are currently derivative-like and backed by pooled assets, not direct tradable equity.
- Vlad compares the setup to stablecoins: mint/burn tokens against an underlying SPV-held asset pool while regulators evaluate tradability.