Robinhood announced its financial performance, which will be effective for both stock and crypto markets before its IPO.
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Robinhood disclosed the company’s financial position prior to its IPO. In the S-1 file made with the SEC, details about crypto money came to light.
It is stated that Robinhood shares will be listed on the Nasdaq Stock Exchange under the name “HOOD”.
Data on cryptocurrencies were also shared in the filing. According to data revealed by the company, there has been a tremendous increase in Bitcoin and other cryptocurrencies held on behalf of customers. While a year ago, 480 million dollars were held in crypto money, this amount reached 11.6 billion dollars as of March 31, 2021.
The company has made significant progress in cryptocurrencies. In the first quarter of 2021, 9.5 million users traded cryptocurrencies on the platform.
Can It Compete With Coinbase?
It is thought that Robinhood may enter into serious competition with Coinbase, the largest stock exchange in the USA, in the future. Sources close to Coinbase reveal that unlike other cryptocurrency exchanges, Robinhood is seen as the most serious competitor.
Issuing the S-1 document is one of the last steps a company must take before listing its shares for public trading. It is stated that the listing of Robinhood may take place in August or September.