Free Crypto Trading App Robinhood Files S-1 Paperwork With SEC to Go Public
Millennial-friendly trading platform Robinhood is moving forward with its plans to go public.
The company has confidentially filed for an initial public offering (IPO) with the Securities and Exchange Commission.
Robinhood's IPO Plans
Robinhood announced in a statement that it had confidentially submitted a draft registration statement on Form S-1 with the SEC relating to the proposed public offering of its common stock.
The number of shares to be offered and the proposed offering's price range are yet to be determined, the company stated.
Robinhood was valued at about $12 billion in a 2020 financing round that saw the company receive $200 million from investors. Popular VCs like New York-based D1 Partners, Sequoia, participated in the round.
Whether Robinhood would go the traditional IPO route or is opting for a direct listing remains unknown. According to Bloomberg, the popular stock and crypto brokerage app has already chosen Nasdaq for its listing.
Robinhood’s IPO filing comes after a controversy surrounding the company’s handling of the GameStop frenzy. Robinhood subsequently lifted GameStop restrictions claiming the suspension were imposed due to regulatory requirements.
Headquartered in Menlo Park, California, and founded in 2013, Robinhood's rise has been remarkable. The platform gained 13 million users at the end of 2020 and added another six million cryptocurrency traders in the first two months of 2021.
Robinhood's Recruitment And Crypto Wallet Plans
The Chief Executive Officer of Robinhood, Vlad Tenev, had earlier disclosed how the company plans to beef up its cryptocurrency recruitment this year amid an explosion of interest in trading cryptos.
In a bid to ramp up crypto staff hiring, the investment platform is partnering with a recruiting firm, Binc, for an undisclosed sum. This would add more than 80 employees to help Robinhood recruit talent.
The U.S. online brokerage is actively hiring across its U.S. offices and remote locations.
In a ‘fireside chat' on YouTube, Tenev said that the company is also working on developing a crypto wallet. In addition to the wallet development, the trading platform also plans to list more cryptocurrencies.
Currently, the Robinhood app allows customers to buy and sell Bitcoin BTC -5.56% Bitcoin / USD BTCUSD $ 55,483.81
-$3,084.90-5.56% Volume 74.28 b Change -$3,084.90 Open $55,483.81 Circulating 18.71 m Market Cap 1.04 t 13 h Swiss Bank UBS Plans Cryptocurrency Offerings to High Networth Clients 14 h Tom Brady, A Seven-Time NFL Super Bowl Champion, Dons Laser Eyes in Support of Bitcoin 17 h Deribit Lists Ether at 50k Strike Options with March 2022 Expiry , Bitcoin Cash BCH -10.46% Bitcoin Cash / USD BCHUSD $ 1,347.00
-$140.90-10.46% Volume 9.25 b Change -$140.90 Open $1,347.00 Circulating 18.73 m Market Cap 25.23 b 4 d Ethereum Fork ETC Trading 12% Higher on Coinbase, CAKE Wicks Down Over 13.5% on Binance 5 d Bitcoin and Ether Record The Largest Inflows Since February: CoinShares Report 6 d DOGE Hits A New ATH, Now Halfway to $1, as A Major League Baseball Team Accepts it as Currency , Bitcoin SV BSV -7.61% Bitcoin SV / USD BSVUSD $ 340.63
-$25.92-7.61% Volume 3.56 b Change -$25.92 Open $340.63 Circulating 18.73 m Market Cap 6.38 b 4 d Ethereum Fork ETC Trading 12% Higher on Coinbase, CAKE Wicks Down Over 13.5% on Binance 1 mon Robinhood Reports 50% More Active Crypto Users at 9.5 Million Than Coinbase 1 mon Bitcoin Takes A Dive & Altcoins’ Drop Hard, But People Are Still 'HODLing and Not Selling' , Ethereum ETH -4.58% Ethereum / USD ETHUSD $ 3,938.57
-$180.39-4.58% Volume 65.85 b Change -$180.39 Open $3,938.57 Circulating 115.83 m Market Cap 456.19 b 12 h DeFi Protocol, Rari Capital, to Become a DAO After the $10 Million Exploit 16 h SHIB Token Is Sending Ethereum Gas Prices Higher 17 h Deribit Lists Ether at 50k Strike Options with March 2022 Expiry , Ethereum Classic ETC -15.85% Ethereum Classic / USD ETCUSD $ 106.49
-$16.88-15.85% Volume 14.01 b Change -$16.88 Open $106.49 Circulating 116.31 m Market Cap 12.39 b 3 d Cryptocurrency Related Stocks Tumbling in a Massive Divergence from Crypto Assets 4 d Ethereum Fork ETC Trading 12% Higher on Coinbase, CAKE Wicks Down Over 13.5% on Binance 5 d Bitcoin and Ether Aren't the Top Traded Crypto's on Binance Or the Biggest South Korean Exchange , Litecoin LTC -10.38% Litecoin / USD LTCUSD $ 359.47
-$37.31-10.38% Volume 12.06 b Change -$37.31 Open $359.47 Circulating 66.75 m Market Cap 24 b 4 d Ethereum Fork ETC Trading 12% Higher on Coinbase, CAKE Wicks Down Over 13.5% on Binance 5 d Grayscale Partners with New York Giants, Becoming the Second Crypto Sponsor of an NFL Team 5 d Bitcoin and Ether Aren't the Top Traded Crypto's on Binance Or the Biggest South Korean Exchange , and Dogecoin DOGE -15.11% Dogecoin / USD DOGEUSD $ 0.46
-$0.07-15.11% Volume 16.66 b Change -$0.07 Open $0.46 Circulating 129.55 b Market Cap 59.86 b 16 h SHIB Token Is Sending Ethereum Gas Prices Higher 18 h Dogecoin (DOGE) Literally Going to the Moon with Elon Musk’s SpaceX 1 d Coinbase and Robinhood Continue to be the Most Popular Free Apps in the US .
Meanwhile, Robinhood's primary competitor, eToro, is going public through a SPAC merger. The merger will value the company at $10 billion and is backed by SoftBank. In the crypto space, there have been a few other IPO announcements, starting with Coinbase, which will go public later this year, and then Kraken and Gemini have expressed interest.