Founder-led structure with multi-class voting concentrates control with Vlad Tenev and cofounder Baiju Bhatt.
This can enable decisive product velocity but heightens key person and governance risk. 2025 included sizable regulatory resolutions: the SEC announced 45 million in combined penalties in January and FINRA sanctioned the broker-dealers in March; the SEC later closed its crypto probe without enforcement.
Leadership transition elevated Shiv Verma to CFO in February 2026. Execution has improved since 2021, but the regulatory track record and complexity of new businesses temper our score.







