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 -3.83% Bitcoin / USD BTCUSD $ 41,562.45
-$1,591.84-3.83% Volume 31.45 b Change -$1,591.84 Open $41,562.45 Circulating 18.83 m Market Cap 782.57 b 1 h Fintech Revolut Is Launching its Own Token, Which Will Be Earned By Users 2 h Miami Mayor Luring Crypto Miners With “Very Inexpensive” Nuclear Power 3 h 32% of El Salvador Population Actively Using Bitcoin Wallet, Lightning Network Capacity Surpasses 2,900 BTC , Bitcoin Cash BCH -2.66% Bitcoin Cash / USD BCHUSD $ 487.20
-$12.96-2.66% Volume 1.29 b Change -$12.96 Open $487.20 Circulating 18.86 m Market Cap 9.19 b 6 d Lloyds to Auction off Vehicles from Mad Max FURY Road Film, Crypto Accepted 6 d AMC Theaters CEO Is Considering Adding Payment Support for DOGE By Year-End 1 w Interactive Brokers Founder Already Red Pilled, Has Been “Itching” to Offer Crypto Trading for a Long Time , Bitcoin SV BSV 0.68% Bitcoin SV / USD BSVUSD $ 127.52
$0.870.68% Volume 388.22 m Change $0.87 Open $127.52 Circulating 18.85 m Market Cap 2.4 b 2 w Robinhood Trading App Rolls Out “Dollar Cost Averaging” for Crypto Investments 1 mon BSV Network 'Enduring A Series of Block-Reorganisation Attacks' Sees Hash Rate Crashing Over 52% 2 mon Dogecoin Doesn’t Get Into S&P Cryptocurrency Broad Digital Market (BDM) Index Due to Lack of Whitepaper , Ethereum ETH -5.43% Ethereum / USD ETHUSD $ 2,861.14
-$155.36-5.43% Volume 17.29 b Change -$155.36 Open $2,861.14 Circulating 117.71 m Market Cap 336.79 b 35 min Cardano's Investment Arm, EMURGO, Commits $100 Million to Ramp Up DeFi Integration 1 h Miner Returns $2.2 Million In Fees Mistakenly Paid by Crypto Exchange Bitfinex 4 h China Ban: TradingView & Data Sites Inaccessible, Alibaba Stops Miners & Crypto Sales, “Complete Shutdown” for SparkPool Users , Ethereum Classic ETC -1.26% Ethereum Classic / USD ETCUSD $ 45.75
-$0.58-1.26% Volume 900.23 m Change -$0.58 Open $45.75 Circulating 130.33 m Market Cap 5.96 b 2 w Robinhood Trading App Rolls Out “Dollar Cost Averaging” for Crypto Investments 3 w Crypto Market Dips and Over 165k Traders Get Liquidated for More Than $890 Million 1 mon South Koreans Turn to Serum (SRM) As Solana (SOL) Ecosystem Pumps , Litecoin LTC -2.72% Litecoin / USD LTCUSD $ 145.44
-$3.96-2.72% Volume 2.7 b Change -$3.96 Open $145.44 Circulating 66.75 m Market Cap 9.71 b 4 h China Ban: TradingView & Data Sites Inaccessible, Alibaba Stops Miners & Crypto Sales, “Complete Shutdown” for SparkPool Users 6 d Lloyds to Auction off Vehicles from Mad Max FURY Road Film, Crypto Accepted 6 d AMC Theaters CEO Is Considering Adding Payment Support for DOGE By Year-End , and Dogecoin DOGE -1.41% Dogecoin / USD DOGEUSD $ 0.20
$0.00-1.41% Volume 849.92 m Change $0.00 Open $0.20 Circulating 131.47 b Market Cap 26.24 b 5 d Google Searches for Bitcoin Hit Dec 2020 Level, Interest in NFTs Surpass DeFi Significantly and Matched Ethereum Briefly 6 d Lloyds to Auction off Vehicles from Mad Max FURY Road Film, Crypto Accepted 6 d AMC Theaters CEO Is Considering Adding Payment Support for DOGE By Year-End .
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.