Robinhood Markets Inc., which provides Robinhood, an investment app that can trade cryptocurrencies, is expected to disclose its application for a new IPO next week as early as next week. Bloomberg reported it, citing the source’s story.
In March of this year, the company announced that it had submitted the application form “Form S-1” for the IPO to the US Securities and Exchange Commission (SEC). However, it has been secretly submitted and its contents have not yet been disclosed. When the details of the application become known in the future, Robin Hood’s financial situation and risks related to stock trading will be disclosed for the first time.
In Robin Hood, you can trade not only cryptocurrency, but also multiple financial products such as stocks. Since it is operated without commission, it received absolute support from young people, and it attracted attention due to the price spikes of Gamestop stock and DOGE. Also this month, it was confirmed that the price of cryptocurrency stocks that can be traded at Robin Hood has skyrocketed.
On the other hand, the problem has also been pointed out because the impact on the market is large. In particular, there is a lot of criticism that the convenient use and fee-free service encourages beginners to buy and sell risky transactions by gamifying investments.
SEC’s Chairman Gary Gensler, who is raising the natural attitude of regulations in response to new technologies such as the influence of SNS as a task, explained this month that “we are considering measures to protect investors”.
Information sources said the timing of the disclosure of the application is still flexible, but Bloomberg appears to have taken the next step for the IPO. It is said that the stock will be listed in June.
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.