Share this article
Robinhood IPO Filing Shows Dogecoin Trading Drove Big Gains
Some 34% of the trading app's cryptocurrency revenue in the first quarter was attributable to DOGE.
Updated Sep 14, 2021, 1:20 p.m. Published Jul 1, 2021, 6:15 p.m.
Robinhood, the popular trading app for stock, options, gold and cryptocurrencies, filed for a public offering that could be worth up to $100 million, according to a Securities and Exchange Commission (SEC) document submitted on Thursday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Along with the company's financials, the SEC document shows the reach of Robinhood as a popular destination for crypto trading.
"For the three months ended March 31, 2021, 17% of our total revenue was derived from transaction-based revenues earned from cryptocurrency transactions, compared to 4% for the three months year ended December 31, 2020," the firm wrote.
A big chunk of that growth – 34% of the firm's crypto transaction revenue in the first quarter – was from DOGE, the memecoin that has surged in popularity this year.
"If demand for transactions in dogecoin declines and is not replaced by new demand for other cryptocurrencies available for trading on our platform, our business, financial condition and results of operations could be adversely affected," Robinhood said.
The app currently has seven cryptocurrencies available for trading.
Robinhood has been criticized by regulators who have said the app encourages the game-like nature of trading, particularly among inexperienced retail traders. On Wednesday, the firm was fined approximately $70 million by the Financial Industry Regulatory Authority (FINRA), which said Robinhood had provided false or misleading information to users and failed to report many customer complaints about its services.
The underwriters for the IPO include Goldman Sachs, JPMorgan and Citigroup.
Robinhood's IPO differs from Coinbase, the crypto exchange that opted to issue shares via a direct public offering, which eliminates intermediaries and only sells shares that already exist. Coinbase's valuation based on its first-day trading price of April 14 was about $99 billion using a fully diluted share count of 261.3 million.
UPDATE (July 1, 15:43 UTC): Adds information on Robinhood's IPO underwriters and comparisons to the Coinbase direct listing.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
From Lockstep to Lag, Bitcoin Poised to Catch Up With Small Cap Highs
The Federal Reserve begins Treasury bill purchases later Friday, starting with $8.2 billion as part of its reserve management program.
What to know:
- The Russell 2000 index has pushed to new all time highs alongside strength across U.S. equities and metals, while bitcoin remains 27% below its peak, marking a rare divergence after years of moving in sync.
- With small-cap stocks highly sensitive to falling interest rates and 2026 earning-per-share growth expectations near 49%, according to Goldman Sachs, improving macroeconomic conditions could realign bitcoin and crypto with small-cap strength.
- The Federal Reserve starts Treasury bill purchases today with an initial $8.2 billion operation, the first step in a $40 billion reserve management program running until April.
Top Stories
