The popular stock and crypto brokerage app Robinhood has confidentially filed for an initial public offering (IPO) with the Securities and Exchange Commission (SEC), according to a report from Bloomberg.
Bloomberg reported that people familiar with the matter have confirmed the submission. It's still unclear if it is following the traditional IPO route or is opting for a direct listing. It's already chosen NASDAQ for its listing, though, according to a CNBC report published earlier this month.
The developments come after a tumultuous period for the firm. As previously reported, Robinhood was ground zero for elevated trading activity around several stocks, including gaming retailer GameStop, fueled by social media activity on Reddit. Robinhood drew scrutiny from both users and regulators, ultimately leading to the firm's CEO appearing before Congress.
The events that embroiled Robinhood raised broader questions about the stock market and could lead to regulatory changes in light of what took place.
All the while, Robinhood has attracted millions of users to its platform, as reported late last month, based on the popularity of its crypto offerings.