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Cryptocurrency Favourited App Robinhood Drops 8% On NASDAQ Debut.

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

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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.

If you are looking to Buy and Sell cryptocurrency but you’re not sure where to find a good crypto broker; you can safely invest with BC Bitcoin today. You can do this by easily registering an account with us and contacting a member of staff if you need any support.

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