Robinhood’s IPO Pushed Back As SEC Delays Approval

2021-6-25 18:00

The initial public offering (IPO) of stock trading platform Robinhood Markets LLC is being slowed.

According to a Bloomberg report, several people familiar with the matter say the Securities and Exchange Commission has been delaying its review in recent weeks.

SEC Scrutinizes Robinhood’s Crypto Arm

Per the report, the approval has been delayed because the regulator is reportedly looking closely at Robinhood’s growing cryptocurrency business.

The report says the two parties have had extensive discussions about the firm’s IPO prospectus with the regulators particularly concerned about the crypto arm.

Robinhood started cryptocurrency trading on its platform in 2018, before expanding it in 2021. The platform now has a wide range of cryptocurrencies including Bitcoin, Ethereum, Dogecoin, and others.

The firm had earlier planned for a June listing after its filing in March 2021, before shifting to July 2021–which is not certain.

Nevertheless, Robinhood says it would reveal its financials and go public once the SEC finally finishes its review.

Founded in 2013 and headquartered in California, Robinhood is known for offering commission-free trades of stocks and exchange-traded funds.

Robinhood’s Rise To Fame

Robinhood soared in popularity last year. The firm’s rapid rise to prominence was preceded by the GameStop short-squeeze controversy in January 2021.

The broker had halted trading of Gamestop stocks on its platform alongside shares of AMC Entertainment and Blackberry.

This did not sit well with retail traders as the company received public backlash over it. The company later lifted Gamestop restrictions saying they did so to guard against market manipulation.

In terms of revenue, Robinhood has had a good run this year. The brokerage firm made $331 million in payment in the first quarter of 2021, according to an SEC filing.

Out of the payments, $133 million was made from equity trades while $198 million came from options trading. Robinhood’s crypto customers also rose to 9.5 million during the first quarter of 2021.

The post Robinhood’s IPO Pushed Back As SEC Delays Approval first appeared on BitcoinExchangeGuide.

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robinhood ipo matter say securities people report

Источник: bitcoinexchangeguide.com

robinhood ipo → Результатов: 43


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