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Robinhood's Planned IPO Faces Delays From SEC Over Crypto Business: Report
The goal now is to list next month ahead of the July 4 holiday weekend.
Robinhood Markets LLC's planned initial public offering (IPO) is reportedly facing delays in its bid to go public because of its growing cryptocurrency business.
STORY CONTINUES BELOW
- A report by Bloomberg on Thursday cites several people close to the matter who say the U.S. Securities and Exchange Commission have slowed plans for the stock trading app maker's IPO.
- Robinhood had been aiming for a June listing after initially filing in March. The goal now is to list next month ahead of the July 4 holiday weekend.
- Yet, the timing could once again fall short and may slip into the autumn, according to the report, which cited a source wishing to remain anonymous because the matter was private.
- Robinhood has faced scrutiny from regulators this year who allege the site encourages the game-like nature of trading, especially when it comes to inexperienced retail traders.
See also: Robinhood to Reveal IPO Filings as Early as Next Week: Report
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
