The meme-stock craze helped make trading app Robinhood a household name, but its CEO said some users have shifted from YOLO-style bets on SPACs and crypto toward long-term, passive investing.

Robinhood boomed during the pandemic as budding day traders signed up to trade meme stocks. CEO Vlad Tenev said on a podcast that many have since embraced passive investing. Tenev described two main ...