Commission-free crypto trading and investing company Robinhood is targeting a market valuation of up to $35 billion in its upcoming U.S. IPO, the company revealed in its updated SEC filing which was released today.
Robinhood filed confidentially for an initial public offering back in March and sources familiar with the matter recently said that it was aiming for a July IPO at a $40 billion valuation.
Earlier this month, the company filed to go public a day after being fined $70 million for misleading users.
According to the company’s amended filing, Robinhood is now planning to sell 55 million of its shares at a price range of $38 to $42 per share to raise up to $2.3 billion.
The company, which plans to trade on Nasdaq under the ticker ”HOOD”, was founded by Baiju Bhatt and Vlad Tenev in 2013. It allows users to invest in stocks, options, funds and cryptocurrencies without commission.
The amended filing showed that the platform now has 22.5 million user accounts connected to a bank account, up 18 million from the first quarter of this year.
The California-based company is expected to go public until the end of next week.