Robinhood Markets Inc., a popular trading app that has recently expanded its cryptocurrency business by submitting documents to the US Securities and Exchange Commission (SEC) for advertising.

The company confirmed on Tuesday that it has privately sent the Securities and Exchange Commission a draft S-1 announcement for the proposed IPO. Form S-1 requires companies to provide more detailed information on the intended use of capital gains, as well as a brief prospectus of the securities offered.

Although Robinhood did not specify the date of the IPO, he confirmed that the IPO will take place “after the SEC assesses the valuation process in light of the market and other circumstances.”

Rumors of Robinhood’s IPO have been circulating for several months amid news that the company has set up a team of consultants to guide it through the listing process. In October 2020, CEO and co-founder Vlad Tenev told CNBC that he was not in a “hurry” to apply for listing as the company is well funded.

Public opinion about Robinhood increased earlier this year – and may have stopped the IPO process – after the company decided to stop trading through GameStop. An anonymous poll in January on the Blind Network forum found that of 8750 sponsored sponsors, 83% thought Robinhood was “listed”.

Robinhood added 6 million new cryptocurrency users in January and February 2021, which is 15 times the average for the whole of 2020. The company announced plans to expand its cryptocurrency services to allow deposits and withdrawals of cryptocurrencies.

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