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Cryptocurrency Favourited App Robinhood Drops 8% On NASDAQ Debut.

By Tyler S - Wallet Specialist - 30-07-2021


Even though most IPOs have a lock up period of 6 months, Robinhood isn’t a traditional IPO and will let its employees sell 15% of the company's stock immediately after it goes public.

Shares of Bitcoin (BTC) trading app Robinhood's public NASDAQ debut on Thursday fell over 8%, making it one of the worst initial public offerings (IPO) debuts of its magnitude.

In the company's first trading session on Thursday, Robinhood's HOOD stock fell 8.4% below its IPO price, falling from $38 to $34.82. The firm had recently gone public on Nasdaq with a $32 billion valuation, but the market worth has fallen to $29 billion after the HOOD stock closed the session.

As reported in Bloomberg data, the corporation's first trading day was rock bottom on record among 51 start-ups that collected the same amount of money as Robinhood or more. As reported by CNBC, Robinhood had sold about 52.4 million shares, raising over $2 billion, with co-founders Vlad Tenev and Baiju Bhatt each selling approximately $50 million available.

Robinhood quickly gained popularity within the cryptocurrency trading industry when it started to sell crypto giants like Bitcoin and Ether (ETH). The company's crypto-focused segment has witnessed significant growth this year, with Q1 revenue increasing sixfold over the past quarter.

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