Robinhood’s IPO prospectus shows that 9.5 million customers traded $88 billion of cryptocurrency on its platform in Q1 and the company held roughly $12 billion in crypto belongings below custody, a 23-fold improve from final year. Meanwhile, 34% of Robinhood’s cryptocurrency income modified into once attributable to the meme cryptocurrency dogecoin.
Robinhood’s IPO Prospectus Unearths Crypto Alternate Info
Robinhood Markets Inc. (Robinhood) filed a preliminary prospectus with the U.S. Securities and Change Commission (SEC) Thursday for its preliminary public offering (IPO).
The corporate lists “cryptocurrency procuring and selling” through its subsidiary, Robinhood Crypto LLC (RHC) as one in all the offerings on the Robinhood platform. The corporate outlined that it “provides commission-free hunting for and selling of cryptocurrency” during the subsidiary. The crypto procuring and selling carrier modified into once launched on Feb. 20, 2018. The platform presently supports seven cryptocurrencies: bitcoin, bitcoin cash, bitcoin sv, dogecoin, ethereum, ethereum traditional, and litecoin.
For the three months ended March 31, Robinhood held cryptocurrencies worth almost $11.60 billion, in belongings below custody. The filing details:
For the three months ended March 31, 2021, 17% of our total income modified into once derived from transaction-based completely revenues earned from cryptocurrency transactions, as compared to 4% for the three months ended December 31, 2020.
Robinhood also wrote: “We think that rising passion and adoption of cryptocurrency will drive increased buyer passion in our platform and that we now maintain important room to grow even interior our recent buyer corrupt.”
In addition, the company identified that “A mighty allotment of essentially the most in style improve in our procure revenues earned from cryptocurrency transactions is attributable to transactions in dogecoin.” For three months ended March 31, 2021:
34% of our cryptocurrency transaction-based completely income modified into once attributable to transactions in dogecoin, as as compared to 4% for the three months ended December 31, 2020.
As of March 31, Robinhood has also expanded its coverage to 46 states and Washington D.C. The corporate also supports accurate-time market data for 10 cryptocurrencies, which is accessible to all customers. The corporate extra declared:
In the important quarter of 2021 alone, we saw over 9.5 million customers alternate roughly $88 billion of cryptocurrency on our platform, and we held roughly $12 billion in cryptocurrency Sources Under Custody as of March 31, 2021, a 23-fold improve from March 31, 2020.