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 2.36% Bitcoin / USD BTCUSD $ 30,035.87
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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.

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