Robinhood warned the retail stock-trading frenzy that has boosted it finances over the past 18 months appears to be waning, even as it seeks a blockbuster valuation in its upcoming IPO.
The popular trading app — which has been used by legions of rookie investors in this year’s “Reddit Rally” — could be valued as high as $35 billion and raise as much as $2.3 billion in its upcoming initial public offering, according to an amended prospectus filing on Monday.
Nevertheless, Robinhood also also signaled it expects to report a slowdown in trading revenue and new clients — “particularly in cryptocurrencies” according to the filing — in the current quarter versus the quarter ended June 30, when demand was “exceptionally strong.”
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