Robinhood is probably one of the best-known brands among the millennials and it has recently revealed its financial performance ahead of its IPO. Along with disclosing $11.6 billion in crypto holdings, Robinhood is most likely to list shares in the month of August or September.
The surge in the crypto industry due to the pandemic assisted Robinhood to gain $7.5 million in profits on $959 million in revenue for the year 2020.
In accordance with the S-1 filing with the Securities and Exchange Commission of the United States, the financial performances of the company were laid out for the very first time ahead of its IPO later this year.
In addition to this, the intentions of the firm were revealed which were to raise around $100 million as a segment of its IPO procedure, and it is expected that the firm will be listing its shares on the NASDAQ under the symbol HOOD.
Talking about the crypto business of the company, it saw a vast increase in the amount of BTC and other crypto funds that it holds on behalf of its customers.
It has also been revealed that the crypto offerings of Robinhood which include Dogecoin and Bitcoin and they are currently limited as the customers are not able to move the cryptocurrencies off its platform.
However, the Crypto COO of Robinhood, Christine Brown revealed in the month of May that this is likely to alter in the near future.
In the month of March, Robinhood first declared its intentions to go public, but the procedure of going public dragged out amidst the legit involvements with the SEC.
Along with this, it should be noted that Robinhood has also managed to attract the interests of financial regulators such as FINRA, as the authority imposed a $70 million fine on the firm.