Stock trading app Robinhood is moving closer to revealing details of its much anticipated initial public offering (IPO). Bloomberg reports that the company plans to disclose its filing with the Securities and Exchange Commission next week as it targets June for its market debut.

Bloomberg reports that the company plans to disclose its filing with the Securities and Exchange Commission next week as it targets June for its market debut.

Sources familiar with the matter who pleaded anonymity say Robinhood's IPO plans are already at an advanced stage. The filing will give potential investors a detailed look at the platform's financials and risks for the first time.

Robinhood first filed for an IPO when it confidentially submitted a draft registration statement to the SEC in March this year. However, it did not confirm the number of shares to be offered nor the proposed offering's price range.

Robinhood has seen its popularity grow among retail traders this year following its GameStop Controversy. Last month the brokerage firm announced in a blog that its crypto users increased from the 1.7 million customers who traded crypto in the 2020 fourth quarter to 9.5 million during the first quarter of 2021.

The Robinhood Crypto feature currently offers seven tradable coins: Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.

Headquartered in Menlo Park, California, Robinhood was founded in 2013 by Vladimir Tenev and Baiju Bhatt. The firm launched its mobile app officially in 2015, allowing investors to invest in commission-free trades of stocks and exchange-traded funds.

List most companies, Robinhood has had its share of criticisms and controversies. It has been bashed severally by regulators for making day trading into a gambling-like game where investors do not always understand the risk they are taking on.

In January, a group of online traders came together to drive up the prices of stocks like GameStop, which caused short-sellers to lose money and forced exchanges like Robinhood to halt the trading of some stocks.

Robinhood's decision to stop trading the stocks outraged many of its users and drew nearly 50 lawsuits and multiple probes from regulators to the firm. The company's chief executive Vlad Tenev was even called to testify in front of Congress about the market frenzy and Robinhood's role in it.

The company subsequently lifted Gamestop restrictions using market manipulation as an excuse for their actions. However, the GameStop incident can be said to be a major factor in Robinhood's growth as it boosted the name and recognition of its app, which is popular because it charges no fees for stock trading.

Amid the frenzy, the brokerage firm raised two rounds of emergency funding totaling $4.4 billion in a matter of days.

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