Robinhood Markets Inc., a pop trading app that recently expanded its cryptocurrency business, has filed paperwork with the The states Securities and Exchange Committee, or SEC, to go public.

The company confirmed Tuesday that it had confidentially submitted a draft registration statement on Form S-1 with the SEC relating to the proposed public offering of its common stock. Class Due south-ane requires companies to provide more detailed information on the planned apply of capital proceeds., equally well every bit a brief prospectus on the proposed security.

While Robinhood didn't specify when the IPO would accept place, it confirmed that a public offering would be pursued "afterward the SEC contemplates its review process, subject to market and other atmospheric condition."

Speculation virtually a Robinhood IPO has circulated for months amid news that the company had lined up a squad of advisers to guide it through the listing procedure. In October 2020, CEO and co-founder Vlad Tenev told CNBC that he was "non in a rush" to push a public listing because the company was well funded.

Public opinion of Robinhood soured earlier this yr – and may accept stalled the IPO process – after the visitor decided to halt trading of GameStop. An anonymous survey conducted in Jan via the Blind networking forum found that, amidst eight,750 verified finance professionals, 83% believed Robinhood had "screwed its IPO."

Robinhood added 6 million new cryptocurrency users in January and February 2021, which was 15 times higher than the average figure in all of 2020. The company has announced plans to expand its crypto services to let for deposits and withdrawals for crypto assets.