Robinhood has finally filed its S-1 documents with the SEC, after months of rumors that the company was planning to do so. The company is just one of many to float in the past year, yet it seems to be the first to file, which is probably because they are the first to become publicly-traded, and the company is expected to raise some $500 million to $700 million.

Robinhood Market Inc. will list on the New York Stock Exchange on Friday, August 10th under the ticker symbol “RHTW.” Robinhood is a stock trading app that’s been around for years, but only recently has gained recognition from the crypto community. The company has positioned itself as the “Amazon of Crypto” and raised $363 million in its first round of investment, led by Blockchain Capital, Digital Currency Group, and others.

Robinhood Markets is finally filing for its IPO, after previously saying that it would likely file for an IPO this year. The company that will be going public is a financial technology company that is a popular trading platform on the web. The company has been growing rapidly as of late, which has been attributed to the popularity of cryptocurrency trading.

Robinhood Market Inc. Finally Discloses Its IPO Filing

It’s been about three months since Robinhood Market Inc. officially, albeit confidentially, filed for an initial public offering in the United States with the Securities and Exchange Commission. Although the company has always kept the details of the filing secret, it finally released details that revealed some interesting facts.

RobinhoodIPO submission details

The details of the S-1 filing revealed a few things, including Robinhood’s finances, which the company has never disclosed before. Now that the details are out, many have concluded that the numbers are quite impressive.

As a result, the company generated $959 million in revenue last year, a 245% increase over the previous year. The reported figures are before interest, taxes, depreciation and amortization ($155 million), putting the company in a much better position than last year’s $74 million loss.

In the first quarter, which ended in March, the company posted a staggering 309% year-over-year increase in revenue. Revenue increased to $522 million and adjusted profit was $115 million, compared to a loss of $47 million in the prior year.

At the end of 2020, the company had about $12.5 million in so-called net savings accounts. It’s actually its customers’ money, and that amount is 143% more than what the company had at the end of 2019. In the first quarter of 2020 alone, the number of accounts funded by businesses increased by 80% compared to the first quarter of 2019 to 18 million accounts funded.

Robinhood and cryptocurrencies

There are also details that concern the crypto industry. Robinhood, as many may know, acts as a crypto asset manager on behalf of many of its cryptocurrency loving clients. At the end of March, it owned $11.6 billion in cryptocurrencies, a significant increase from last year around this time, when it owned just $481 million. However, it is believed that much of this is due to Dogecoin growing as it did earlier this year.

Dogecoin is a fictional cryptocurrency created in 2013 based on the Doge meme, a popular image of a Shiba Inu. The game was meant to be a fun addition to the crypto industry, which at the time was becoming very serious and opaque, but in the end even the creator expected it to fail. But against all odds, DOGE survived the next 8 years and became the darling of many traders and investors.

It even attracted Elon Musk, one of the richest men in the world, who is also the CEO of Tesla, SpaceX and several other companies. Earlier this year, DOGE’s price jumped, surpassing all other price increases in its history. Robinhood has now provided details: DOGE accounted for a whopping 34% of cryptocurrency trading revenue in the first quarter of this year. That’s 30% more than in 2019, when it was only 4%.

However, Robinhood appears to be aware of the risks, noting that if demand for DOGE transactions declines and is not replaced by new demand for one or more of the other currencies offered by the platform, its business, financial condition and results of operations could be significantly harmed.

Robin Hood keeps fighting

Interestingly, however, Robinhood’s statement was released just one day after the company was fined a hefty $70 million by the Financial Industry Regulatory Authority (FINRA). The fine was imposed to end allegations of past problems with the company’s share trading service. The company is alleged to have provided incorrect and/or misleading information to its customers, thereby causing them material injury.

Last December, the company was fined another $65 million, this time by the U.S. Securities and Exchange Commission, on charges of misleading customers about how it made money. It also promised an optimal execution of transactions, which it has also failed to deliver.Robinhood, a popular mobile app that allows its users to buy and sell stocks online, filed a confidential Registration Statement (Reg. S-1) with the US Securities and Exchange Commission (SEC) in connection with a planned initial public offering (IPO). The company hopes to raise up to $175M in the upcoming offering.. Read more about robinhood ipo 2021 and let us know what you think.

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