It is what it is! Trading app Robinhood has said that it has confidentially filed for an initial public offering, with the millennial friendly investment platform seeking a listing on tech-heavy Nasdaq.
This listing is highly anticipated among both the trading app’s own customers, and investors who will get their long-awaited chance to cash in.
As reported by Bloomberg, the firm said in a statement that it had submitted its filing to the US Securities and Exchange Commission, confirming earlier reports that it was about to go public.
The plan is to now go public as soon as late in the second quarter, but the timing could change depending on circumstances and regulatory approval. The gears are also moving towards a public debit, though this has also not been confirmed by the company.
Robinhood has amped up its focus on crypto lately, after a rocketing 12 months of trader growth fueled by the pandemic. The app became immensely popular during the coronavirus pandemic, as homebound young people turned to online trading to pass time and make money.
Its increase in popularity led to scrutiny from politicians and regulators, who focused on the gamification of trading and the company’s role at the center of meme-stock frenzy, most notably GameStop.
Robinhood also had to raise billions of dollars from backers to comply with a request from the industry’s clearinghouse.
Despite these challenges, Robinhood continues to grow, and reportedly added 600,000 users in a single day during the frenzy. This is a number that is six times the typical number for new users during the month before the frenzy took hold.
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