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Robinhood files for IPO and reveals $11.6 billion in cryptocurrency assets

One of the most popular trading app Robinhood filed for its initial public offering (IPO) on Thursday, and disclosed that it will set aside up to 35% of shares for retail investors who rarely get to buy at a company’s IPO price.

Robinhood files for IPO and reveals $11.6 billion in cryptocurrency assets

Robinhood files for IPO and reveals $11.6 billion in cryptocurrency assets

Robinhood was profitable last year, generating a net income of $7.45 million on net revenue of $959 million in 2020, versus a loss of $107 million on $278 million in 2019, however, they lost $1.4 billion in the first quarter of 2021 tied to emergency fundraised-related losses during January’s GameStop trading mania.

They generated $522 million in revenue in the first quarter if 2021, up 309% from the $128 million earned in the first quarter of 2020. They will trade under the symbol “HOOD” on the Nasdaq stock exchange.

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Cryptocurrency assets on the platform multiplied by 25 times in the first quarter, year-over-year, from $480.7 million to $11.6 billion. Total revenue increased 309% in the period to $522 million from $128 million a year earlier. Dogecoin accounted for 34% of crypto revenue in Q1.

The company also plans to allocate between 20% and 35% of its IPO shares to its retail customers.

With informations: CNBC,

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