Robinhood Reportedly in Talks to File IPO
Trading platform app Robinhood is looking to file an initial public offering with the Securities and Exchange Commission later this month, according to reports.
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According to Bloomberg, Robinhood has held talks with its underwriters to move forward with the IPO.
Robinhood was valued at $11.7 billion during its most recent round of private fundraising in September and has now hired Goldman Sachs to advise it for the IPO, according to Barron’s. However, the latest bids in the secondary market for Robinhood shares equate to a valuation of around $40 billion, according to data from Rainmaker Securities, Quartz reports.
Just last month, Robinhood, which says its mission is to “democratize finance for all,” announced in a tweet — on the eve of testifying before Congress — that it fully intends “to provide and withdraw cryptocurrencies.”
See: On the Eve of Testifying Before Congress, Robinhood Announces It Will Provide Crypto Withdrawals
Find: Robinhood Registers in-House Lobbyists Amid Scrutiny over Recent Trading Restrictions
“So much interest in Crypto! To be crystal clear, we fully intend to provide the ability to deposit and withdraw cryptocurrencies, including DOGE. Robinhood Crypto does NOT currently invest in cryptocurrency or use any customer cryptocurrency for our own benefit,” the company said in the tweet.
Robinhood has been in the headlines in the past week, following the market frenzy that ensued when the app halted trading of certain stocks popular on the Reddit subthread r/WallStreetBets, including AMC and GameStop. The app is now not only facing a slew of lawsuits, but increased scrutiny by key financial regulators. Robinhood’s CEO Vladimir Tenev testified before Congress last month.
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