U.S.-based crypto trading platform Robinhood Markets, Inc. confirmed plans to become a publicly-traded company later this year by pursuing a proposed initial public offering of its common stock.
Robinhood CEO Vlad Tenev confirmed in a blog post that it has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed IPO. The number of shares to be offered and the price range for the proposed offering have not yet been determined, he added.
The company said the Form S-1 is expected to become effective to launch an IPO after the SEC completes its review process, subject to market and other conditions. It has reportedly selected Nasdaq for the listing.
Robinhood said this announcement is being issued in accordance with Rule 135 under the Securities Act of 1933, as amended. It also added that this announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities.
The market has been rife with speculation about the IPO for the past few months after the company reportedly lined up a team of advisers to guide it through the listing process, including Goldman Sachs. Robinhood has been eying an IPO since 2018.
In January 2019, Robinhood Crypto was granted BitLicense, the license of virtual currency activities, by the New York Department of Financial Services (NYDFS) to offer services for buying, selling, and storing the seven virtual currencies in the state of New York.
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