Robinhood becomes the official brokerage for government-backed youth savings

Eligible U.S. citizens born between 2025 and 2028 will receive a $1,000 government contribution into a tax-advantaged investment account. Robinhood will handle the trading and trustee duties for these accounts. This selection by the U.S. Treasury as the official brokerage and initial trustee for the Trump Accounts program creates a base of millions of new government-backed accounts for the platform. Robinhood will also match the $1,000 government gift for children of its own employees. Robinhood shares jumped over 7.9% in pre-market trading and surged over 7.5% in over 7.5% in after-hours trading toward $75. ARK Invest purchased approximately $13 million worth of Robinhood shares, adding 182,641 shares across the ARK Innovation ETF (ARKK) and two other funds.