Share this article
The SEC has reportedly delayed Robinhood from holding an IPO due to concerns over the trading’s app crypto business.
Robinhood IPO Affected by Crypto
The Securities and Exchange Commission (SEC) has stalled Robinhood from holding an IPO due to the firm’s crypto pursuits, Bloomberg has reported.
According to sources quoted in the report, the U.S. firm has engaged in discussions with regulators over the last few weeks.
The report added that the questions presented to Robinhood were focused on the firm’s crypto operation. The names of the personnel were withheld as it is an ongoing private matter.
Robinhood currently allows trading in seven cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, Bitcoin SV, Ethereum Classic.
According to the company’s latest financial report, it surpassed 13 million users in 2020, with a 500% increase in revenue since 2019. The growth of the firm has continued into 2021. In January, the company added 3 million users to its crypto arm. The trading app was at the center of the GameStop squeeze led by Reddit group WallStreetBets, as well as an orchestrated Dogecoin pump, at the same time.
The company had initially planned to go public via an Initial Public Offering in June. The listing was then delayed until July because of the holiday season. According to the Bloomberg report, the proposed IPO may now be delayed until fall.
Before the pandemic, Robinhood had raised funds at a valuation of $11.7 billion. The current projected valuation of the firm in secondary markets is $40 billion.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
After Robinhood Blunder, Blockfolio Will Pay Users Dogecoin for Tradin…
Thanks to an integration with the cryptocurrency exchange FTX, Blockfolio users will now access zero-fee trading and token bonuses. Blockfolio Supporting Crypto Trading Blockfolio now supports crypto and stock trading….
Despite GameStop Saga, Robinhood Added 3 Million New Crypto Users in F…
Robinhood Crypto reported that it had added more than six million new crypto users in just two months. Robinhood Shakes Off GameStop Saga The popular trading app saw more than…
Exodus Wallet Offers Shares Ahead of Coinbase IPO
Crypto wallet company Exodus has begun to sell shares of its company stock, according to a recent press release. Exodus Begins to Offer Shares Exodus says that it received permission…
What is Polygon (MATIC): Ethereum’s Internet of Blockchains
In terms of both decentralized app (DApp) development and adoption, no blockchain has been more successful than Ethereum (ETH). But despite its relative success, the Ethereum network still contains several…
Be the first to comment