As per the latest reports, the Robinhood platform has announced that it has filed paperwork at the Securities and Exchange Commission (US) for crypto-expansion. The firm has announced that with the filing, it has submitted the proposal that the platform is aiming to go public.
Robinhood Markets Inc. is known for being one of the most popular trading applications in the United States. Over time, the application has gained an enormous amount of growth and success in the cryptocurrency sector.
The officials from Robinhood made the official announcement around the submission of the file on Tuesday, March 23, 2021. The firm had revealed that it had confidentially filed the proposal on a Form S-1 where it requested the SEC to consider its request for going public.
For those who are unfamiliar with the S-1 form, it is a report that requires the companies to provide detailed information around the proposal. The firm has to reveal the true intentions of their proposal, which sector they are planning to target, and what they are aiming to achieve in it. Most importantly, the firms are required to confirm how much capital proceeds they are willing to make in the project.
On top of that, the firms also have to be very clear and transparent about the nature of the securities that they will be offering to the users.
It is yet to be confirmed by Robinhood as to when it is planning to launch the initial public offering (IPO). However, the firm has confirmed that the initial public offering (IPO) date will be announced once a response from SEC is given. Robinhood teams are anxiously waiting for the US Securities and Exchange Commission to give their answer so it can proceed with the next step.
It wasn’t on Tuesday, March 23, 2021, that the users as well as the followers of Robinhood got to know what the firm is planning. It had been several months that the news of Robinhood going public was floating all over the cryptocurrency and investments sector.
According to sources, Robinhood had also put together a team of advisors in order to go through all the possibilities of launching an IPO. The firm also wanted to make sure that the S-1 form it submits is provided with all the information that the SEC needs to know before it approves the proposal.
It was back in October 2020, when Vlad Tenev, the co-founder of Robinhood had stated that their firm is in no rush to go public. However, he did hint that their firm may think about the possibilities of filing a request at the SEC for approval in near future.